Nigeria Has Exited Turbulent Economic Period – Cardoso, Edun

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the minister of Finance and Coordinating minister of the Economy, Wale Edun, have declared that Nigeria has exited its most turbulent economic period and is now firmly on the path to growth and stability.

Speaking on Friday night at a joint press conference at the end of the 2025 International Monetary Fund (IMF)/World Bank Spring meetings, the CBN governor asserted that the country’s monetary and financial framework has matured significantly, with the foreign exchange market now operating effectively based on market fundamentals.

Cardoso emphasised that the Central Bank’s primary duty remains safeguarding stability, not imposing rates arbitrarily. “We are custodians of stability. Our role is to ensure that people can plan without suffering the shocks of internal or external disruptions,” he said.

He cautioned against lingering cynicism, describing the current economic climate as one ripe with opportunities that Nigerians must seize. “This is not the time to be cynical. If we do not recognise and take advantage of our opportunities, others will. Capital moves to where the environment is enabled. So it’s not the time to be cynical. It’s the time for us to look to the future. With every confidence that we will get out of any problem that we are faced with.” Cardoso stated.

Noting that the progress recorded in the economy had been due to the difficult but necessary reforms undertaken by the monetary and fiscal authorities, he said, Nigeria’s resilience during recent external pressures has made it a reference point in the international community.

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“It has taken a lot of coordination between the fiscal and the monetary, learn from mistakes, being bold enough to look at other at other means of doing certain things to get better results, and now we are here at a time where the international community are asking others to learn from what Nigeria has been able to accomplish.

On his part, the Finance minister and coordinating minister of the economy, Mr. Wale Edun, confirmed that key economic indicators are trending positively, a clear departure from the nation’s situation a few years ago.

Responding to question report that the country had slipped to the fourth largest economy in Africa, he said: “I have not seen the report but Nigeria is economically, financially, in a very much better place than it was just a couple of years ago. Inflation is coming down, the exchange rate is stabilizing, food prices are easing, and the fundamentals are much stronger.”

According to Edun, the resilience of Nigeria’s external sector during recent challenges, where investors eventually restored confidence, is proof of the underlying strength of the economy.

Looking ahead, he outlined an ambitious target for economic growth. “We must now push to grow the Nigerian economy deliberately at no less than 7% per annum. Anything less will not move our people out of poverty fast enough,” he said.

“We have turned the corner. It is now time for every Nigerian to contribute towards building a stronger, more prosperous economy,” Edun stated.