October 13, (THEWILL) — The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed that restoring economic stability remains the apex bank’s top priority before pursuing long-term growth.
Speaking at a policy dialogue hosted by the London Business School’s Wheeler Institute for Business and Development, Cardoso said the CBN’s “stability first, then growth” strategy is designed to rebuild investor confidence and ensure lasting reforms.
Noting that the apex bank’s current reforms are focused on restoring macroeconomic stability, rebuilding investor confidence, and ensuring disciplined monetary management, Cardoso said the Nigerian economy had faced years of structural imbalance, inflationary pressure, and weakened market confidence, which required decisive and data-driven monetary policies.
“We have remained committed to orthodox monetary policies, and the economy is beginning to respond”, Cardoso told participants.
He pointed to improvements in key indicators, including moderating inflation, stronger growth figures above four percent, and greater stability across financial markets after years of volatility.
Cardoso recalled that Nigeria’s economy was burdened by exchange-rate distortions, structural weaknesses, and eroded investor confidence when reforms began. He said the CBN’s first task was to restore credibility through disciplined and transparent policy actions.
While acknowledging the hardship that reforms have created for households and businesses, the CBN governor maintained that the process was necessary for long-term economic health.
“Reforms of this scale are never easy. But without a stable foundation, even the best fiscal or social policies cannot succeed”, he said.
He noted that the ongoing reforms have yielded positive results, including reduced exchange-rate gaps, improved foreign exchange liquidity, easing inflation pressures, and renewed investor interest in Nigeria’s fixed-income market.
Responding to concerns over high interest rates and limited credit access, especially for small and medium-sized businesses, Cardoso described the tight monetary stance as temporary. He assured that interest rates would ease as inflation stabilises and confidence returns to the financial system.
The CBN governor also spoke on the ongoing banking sector recapitalisation, describing it as a forward-looking initiative designed to strengthen the financial system and support investment in key sectors such as manufacturing, infrastructure, and technology.
Mayokun Ajibade, Special Adviser on Financial Markets and Economic Policy, who also spoke at the forum, described stability as “the quiet engine of confidence,” stressing that recent fiscal and monetary reforms are becoming more coordinated and effective.
Environmental sustainability and green finance also featured during the session’s question-and-answer segment. Cardoso assured that the CBN will deepen environmental, social, and governance (ESG) standards within its regulatory framework once economic stability is firmly established.
Professor Hélène Rey, Lord Bagri Professor of Economics at the London Business School, who moderated the session, commended the CBN for maintaining clarity and policy consistency, noting that global markets are paying closer attention to Nigeria’s reform progress.
In conclusion, Cardoso reaffirmed that the bank’s focus would remain clear and steady: “Macroeconomic stability is not just a precondition for growth—it is its foundation. When businesses and individuals can plan with confidence, true growth follows.”
The event, themed “In Conversation with the Governor of the Central Bank of Nigeria”, was supported by J.P. Morgan and Goldman Sachs and brought together investors, academics, and policy experts to discuss Nigeria’s reform path amid global economic uncertainties.
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