Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, announced on Wednesday that the nation's current monetary and financial sector reforms are fortifying the economy against external shocks and rebuilding investor confidence. He indicated that disciplined policies and structural adjustments have led to noticeable improvements in economic stability.
International investors have reportedly continued to signal their backing for the reforms within Nigeria's financial sector, asserting that the objectives represent a worthwhile pursuit.
Cardoso made these remarks at the Africa Capital Forum, a joint initiative by the CBN and the UK Foreign, Commonwealth and Development Office (FCDO), held at The Peninsula in London. This event coincided with President Bola Tinubu's State Visit to the UK.
The CBN Governor revealed that foreign investors contributed approximately 28 per cent of the total capital injected into the ongoing banking sector recapitalisation, signaling a resurgence of global faith in Nigeria's financial system.
He informed investors and development partners that the central bank has enhanced its capacity to withstand shocks through consistent policy implementation and institutional reforms.
Furthermore, he stated that Nigeria's foreign exchange market is now characterized by significantly improved transparency and liquidity. A new foreign exchange manual has been introduced, which removes many previous capital control restrictions and simplifies processes for trade and investment.
Cardoso also announced the impending launch of a new Payments System Vision for Nigeria, designed to position the country as a leader in digital and cross-border payment solutions across the region.
He reported substantial progress in the bank recapitalisation drive, noting that over 30 banks have met the revised capital requirements, with ongoing verification for the remaining institutions.
"Approximately 28 per cent of the investment in the recapitalisation came from foreign sources," he stated, adding that this outcome reflects a renewed sense of confidence in Nigeria's financial stability.
Cardoso explained that remittances from Nigerians abroad have seen a notable increase, contributing to the diversification of the country's foreign exchange reserves, which are now more robust against global economic fluctuations.
He emphasized, "Our focus moving forward is to safeguard the hard-won stability we have achieved so that investors and stakeholders can plan with certainty."
He further committed that the CBN, under his leadership, would maintain openness and transparency, ensuring consistent communication and raising public expectations to prevent a recurrence of past errors.
Highlighting the bank's digital finance strategy, Cardoso mentioned that the CBN is actively collaborating with Nigeria's fintech industry to resolve regulatory and operational hurdles and to foster innovations that promote financial inclusion throughout Africa.
He reiterated the critical importance of close cooperation between fiscal and monetary authorities, pointing out that the inclusion of representatives from fiscal bodies on the CBN Board and Monetary Policy Committee fosters the necessary coordination for sustainable economic growth.
Cardoso confirmed a significant reduction in inflation, an improvement in exchange rate stability, and stated that the reforms have positioned Nigeria's economy for substantial growth, driven by domestic investment, oil sector reforms, and restored global trust.
He assured, "We will continue to maintain stability, not only in inflation but also in the FX market, with enhanced transparency and regular reporting."
Regarding inflation, he confirmed that the CBN would remain vigilant to manage it as effectively as possible.
The apex bank governor explained that Nigeria's macroeconomic reforms have transitioned the country from a stabilization phase to one focused on capital mobilization, urging investors to view Nigeria as a significant economy to monitor closely, given its deepening growth drivers and its emerging status as one of Africa's strongest banking systems.
Cardoso noted that management is reviewing the CBN's existing policies to develop impactful strategies and establish a predictable policy environment that minimizes discretionary actions.
Mr. Jonny Baxter, the British Deputy High Commissioner to Nigeria, commented at the forum that the United Kingdom is a key partner for Nigeria, with established connections in the banking and capital markets.
Baxter suggested that following the current reform successes, the next step should be to translate renewed investor interest into enduring, sustainable investments.
He stated, "The next phase of the reforms should focus on converting renewed investor interest into long-term sustainable investments."
He assured that the UK would continue to support economic transformation initiatives aimed at strengthening the economic ties between both nations.
The high-level forum convened global investors, development financiers, and fintech innovators for strategic discussions to bolster Nigeria's financial resilience and attract further investor confidence.
In her address, Madame Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), praised the potential of the Nigerian economy, remarking, "We see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies."
Mr. Steve Gray, Head of West and Central Africa at UKEF, stated, "Confidence is built through full fiscal transparency. But the reforms in Nigeria are providing transparency and building confidence."
He added, "I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities."
Ms. Melis Ekmen Tabojer, Managing Director of Policy Strategy and Delivery at the European Bank for Reconstruction and Development (EBRD), commented, "The recent reforms that Nigeria has had have had a huge impact in attracting investors and how policies are made."
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated at the event that the Nigerian government aims to foster quality growth, acknowledging that public funding alone is insufficient for this objective.
Represented by Mrs. Sanyade Okoli, Special Adviser to the President on Finance and the Economy, the minister remarked, "We need to work with partners who will bring the sticky equity capital."
Key sessions at the forum, featuring CBN Deputy Governors Dr. Muhammad Sani Abdullahi (Economic Policy) and Mr. Philip Ikeazor (Financial System Stability), along with other experts, explored topics such as risk repricing and capital market reopening, the global presence of Nigerian banks, Fintech's role in remittances, the rise of digital platforms, and regulatory frameworks for risk and resilience.
Dr. Abdullahi highlighted the stability achieved by the CBN, noting strong net and gross reserves exceeding $50 billion, a stabilized foreign exchange market, and a declining inflation rate.
He added, "But we are cautious."
Mr. Ikeazor stated that all implemented reforms were designed to engage all stakeholders, ensuring that the current administration's efforts are not reversed.
In their respective contributions, Segun Alebiosu (MD/CEO of First Bank), Oliver Alawuba (MD/CEO of United Bank for Africa - UBA), Miriam Olusanya (MD/CEO of GTCO), Yemisi Edun (MD/CEO of First City Monument Bank), Roosevelt Ogbonna (MD/CEO of Access Bank), and Akin Oguranti (Executive Director representing the MD of Zenith Bank) commended Nigeria's banking reforms. They acknowledged that these reforms have boosted economic confidence and enabled banks to finance more local projects.
According to a statement released by the central bank, Nigeria has implemented significant monetary and structural reforms over the past two years to stabilize its macroeconomic environment.
The statement indicated that under Cardoso's leadership, inflation has fallen sharply from 34 per cent to 15 per cent, exchange rate volatility has decreased, and foreign reserves have surpassed $50 billion.
It further noted that banking recapitalisation and the unification of the foreign exchange market have reinforced trust in policy consistency.
The forum assessed the impact of these reforms and identified new opportunities for mobilizing long-term capital and diaspora investments.
Structured around three core components—Nigeria's macroeconomic reset, strengthening the financial system, and mobilizing global and diaspora capital—the Africa Capital Forum aimed to foster stronger connections between Abuja, London, and the international financial community.
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