November 12, (THEWILL) — Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, has urged Nigerians to take collective responsibility for sustaining ongoing economic reforms, warning that recent gains could be lost without discipline, transparency, and inclusivity.
Speaking at a policy forum in Abuja, Cardoso said the economy “belongs to all of us,” stressing that the benefits of reform must reach every segment of society if Nigeria is to achieve lasting stability.
“We must reject the mindset that says, ‘I’m fine; others can sort themselves out.’ In an interconnected economy, weaknesses in one area quickly spread to others,” he cautioned.
Cardoso reaffirmed that the Central Bank remains committed to prudent fiscal management, insisting that Nigeria cannot return to the “frightening Ways and Means to GDP ratio” that once undermined monetary stability.
Reform Gains and Investor Confidence
The governor said policy measures introduced since 2023 including exchange rate unification, inflation control, and tighter liquidity management have begun to restore investor confidence.
“Credible policies, transparent markets and sound governance have brought back some trust in the financial system,” Cardoso noted, adding that predictable inflation remains key to sustaining growth.
Boosting Production and Innovation
He emphasised that Nigeria’s future growth will depend on local production, competitiveness, and innovation.
Cardoso pointed to the creative and digital sectors as emerging strengths, referencing the recently launched US–Nigeria Data Partnership as an example of reform-driven collaboration.
Access to Finance and Governance Reform
The CBN, he said, is working to expand credit to small and medium enterprises through innovative risk-sharing schemes and stronger credit infrastructure.
“Access to CBN services will no longer depend on personal connections. The era of everyday lobbying is over,” he declared.
Policy Coordination and Structural Transformation
Minister of State for Finance, Dr Doris Uzoka-Anite, who also spoke at the event, said the Federal Government is developing a Unified National Framework to align fiscal and monetary policies for structural transformation and sustainable growth.
Analysts see Cardoso’s comments as an effort to consolidate confidence in Nigeria’s reform programme amid inflationary pressures and a fragile recovery.
They warn that complacency, policy inconsistency, or political interference could undermine hard-won gains.
Cardoso’s appeal is both moral and strategic. He’s asking Nigerians to own the process because reform only endures when everyone feels invested in it.
With inflation still elevated and structural challenges persisting, the CBN Governor’s message underscores a broader goal: building an economy driven by inclusion, credibility, and shared responsibility.
Ogochukwu Onwaeze
