Cardoso Vows to Uphold CBN Reforms, Committing to Transparency, Consistent Policy Execution
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that there is no going back in the apex bank’s commitment to restore credibility in its operations through orthodox monetary policy, transparency, and policy consistency. He vowed to sustain key policy reforms undertaken under his watch to address a crisis of confidence, which he inherited at his assumption of office in 2023. Cardoso spoke during a fireside chat at a high-level global forum, hosted by the apex bank in collaboration with JP Morgan and Nigerian Exchange Group (NGX), at the NASDAQ MarketSite in NYC, ahead of the IMF & World Bank Spring Meetings in Washington D.C., United States of America (USA). He said, “We inherited a crisis of confidence, but we chose a different path. We’re not turning back.” Cardoso spoke alongside Nobel Prize-winning economist, Dr. James Robinson, and Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts, Reverend Richard L. Pearson. The forum, titled, ‘The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships,’ convened global investors, diaspora leaders and senior financial stakeholders to discuss Nigeria’s macroeconomic outlook and reform progress. Led by Cardoso, the CBN detailed its 18-month reform agenda, from monetary tightening and FX market transparency to stronger financial governance. The central bank governor stressed that these reforms are laying the groundwork for long-term macroeconomic stability and signalling a new era of transparency and confidence. THISDAY gathered that the forum was about facts and the future, engaging critical voices, reviewing progress, and identifying what’s needed to build enduring partnerships and attract long-term capital. At the centre of the engagement was a clear goal – reasserting the CBN’s role as a credible, trusted institution, respected globally and committed to excellence at home. The CBN Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi, who also spoke at the event, provided macroeconomics update, stating that FX turnover had risen sharply, amid early disinflation signals. He said the country’s external reserves were strengthening, noting that with a market-determined exchange rate and a transparent, rule-based policy framework, confidence was gradually being restored in Nigeria’s economy. The CBN presentation highlighted government’s focus on growing non-oil revenues, driven largely by implementing tax reforms and the National Single Window Revenue transformation through the implementation of tax reforms. The apex bank also showcased the pursuit of bold tax reforms that will prioritise non-oil revenue sources which is crucial to mitigating susceptibility trade shocks. Other areas included improvements in tax administration to enhance compliance and application of data intelligence systems to increase tax information and coordination, and developing and implementing the National Single Window Programme. The central bank tipped the e-trade community to streamline import/export trade processes for ease of business and enhance Nigeria’s competitiveness in the global market and increase export for sustainable economic growth with annual expected economic benefit of $2.7 billion. The bank emphasised that the country is already benefiting from reforms, adding that President Bola Tinubu’s administration was forging onwards with more. However, the panel session titled, “Repricing Nigeria: Assessing the Scope for Sustained Change”, featured Chair of Global Research, JPMorgan Chase, Joyce Chang; Global Co-Head of Corporate Banking, Citi, Jason Rekate; Chief Economist, Africa & Middle East, Standard Chartered, Razia Khan; and Co-Founder and CIO, Jadara Capital Partners, Ahmad Zuaiter. The session was moderated by Founder, New Markets Media and Intelligence, Gavin Serkin. Each panelist offered expert insights on Nigeria’s investment outlook, pointing to renewed international interest, driven by improved fundamentals, stronger governance, and clearer policy direction. The event was anchored by Adviser on Stakeholder Engagement, CBN, Dr. Nkiru Balonwu, who also delivered the opening remarks. Group CEO, NGX, Temi Popoola, moderated the Q&A session while Director, Banking Supervision Department, CBN, Dr. Olubukola Akinniyi Akinwunmi, provided the closing remarks. The CBN Board and Monetary Policy Committee (MPC) were represented by Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, all US-based diaspora members, underscoring the central bank’s global engagement and commitment to leveraging Nigerian talents worldwide.
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