Benefits of Nigeria’s Economic Stability Coming to Nigerians Soon — CBN

The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving economic stability will soon become more visible to households and businesses.

CBN Governor Olayemi Cardoso gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja. He was represented at the event by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor.

Ikeazor acknowledged that although major economic indicators had improved, many Nigerians were still waiting to feel the impact of the reforms in their daily lives.

He said the CBN was working closely with fiscal authorities to ensure that improvements in the broader economy eventually translate into better conditions for ordinary Nigerians and businesses.

According to him, the country has achieved greater macroeconomic stability, but the important question now is when the gains will reach households and businesses.

He said the answer was already emerging, noting that several fiscal reforms were expected to begin producing tangible results soon.

Ikeazor specifically mentioned the National Single Window and other ongoing government initiatives as measures that would complement monetary reforms and help deliver the benefits of economic stability to Nigerians.

He attributed the improved macroeconomic environment partly to stronger coordination between monetary and fiscal authorities, describing the level of collaboration as unprecedented.

He also credited President Bola Tinubu with allowing the CBN to focus on its statutory responsibilities while implementing monetary reforms in collaboration with other government institutions.

The assurance comes amid continued pressure on households and businesses from high living costs, financing expenses and the broader effects of economic reforms introduced since 2023.

President Tinubu, who was represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, similarly stressed that macroeconomic stability should not be mistaken for prosperity.

He said stability was the foundation for the next phase of reforms, which would focus on converting stability into investment, investment into production, production into jobs and economic growth into improved living standards.

The President of the Chartered Institute of Bankers of Nigeria, Dele Alabi, also said the next challenge was to ensure that improvements recorded at the macroeconomic level reached households, individuals and businesses.

He called for stronger efforts to move the gains from national balance sheets into business operations and household budgets, particularly for micro, small and medium-sized enterprises.

The CBN said continued monetary and fiscal coordination would be critical to ensuring that Nigeria’s improving economic fundamentals translate into broader prosperity.