Credibility, Next-Gen Leadership Key To Nigeria’s Economic Renewal – Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria is at a crucial point in its economic journey. He stressed that credibility and next-generation leadership will determine whether recent hard-won gains translate into long-term prosperity.

Speaking at the maiden edition of the CBN governor’s Lecture Series at the Lagos Business School, Cardoso stated that ‘credibility is everything’ for both central banking and national leadership. He added that trust and stability remain Nigeria’s most valuable assets.

According to him, “the country’s macroeconomic indicators, which were once under severe strain, are showing signs of recovery following decisive policy actions by the apex bank since 2023. He noted that inflation, which had peaked at nearly 35 per cent, had moderated to 20 per cent, while gross domestic product (GDP) expanded by 4.2 per cent in the second quarter of 2025.”

He added that foreign reserves now stood above $42 billion, with capital inflows rebounding , sovereign credit ratings improving , and the naira stabilising. “Together, these shifts suggest more than a cyclical adjustment. They mark the outlines of a developmental inflexion point where investor confidence is gradually restored and Nigeria positions itself at the threshold of structural renewal,” he said.

The CBN governor underscored the importance of protecting price stability while embracing innovation, particularly as fintech and digital platforms reshape finance globally. He said the apex bank had expanded financial inclusion from 56 per cent in 2020 to 64 per cent in 2025, rolled out frameworks for digital payments, and launched the Non-Resident VM platform to enable Nigerians abroad to invest seamlessly.

Cardoso also placed the responsibility of sustaining reforms on Nigeria’s youth, whom he described as the nation’s most important asset.

He added, “You, the next generation, are not simply interlocutors in this exchange; you constitute its very developmental subject, he told students and academics. ”

Using the recent restoration of the National Theatre as a metaphor, the governor said reputation and credibility retained critical in nation-building. “As Nigerians, we are often the first to run ourselves down. But when reputation is rebuilt, confidence returns, capital flows, and stability takes root,” he noted.