Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that Nigeria’s economy is better prepared to withstand potential shocks arising from escalating tensions in the Middle East.
Cardoso made the remarks while delivering a Distinguished Alumni Lecture during the Founders’ Day celebration of St Gregory’s College Lagos in Lagos.
He noted that the global economy is currently experiencing renewed uncertainty due to geopolitical tensions, particularly the evolving crisis involving the United States, Israel and Iran. According to him, the situation could trigger higher energy prices, disrupt global supply chains and increase risk aversion among international investors.
Despite these challenges, Cardoso said Nigeria’s ongoing macroeconomic reforms have strengthened the country’s economic resilience over the past two years.
He explained that policy adjustments implemented by the apex bank have helped build stronger macroeconomic buffers, positioning the country to manage external shocks more effectively.
According to the CBN governor, reforms in Nigeria’s foreign exchange market have improved liquidity and efficiency, while also restoring confidence among investors.
He stated that deliberate policy measures by the central bank helped eliminate distortions in the foreign exchange market and address the backlog of unmet foreign currency demand.
Cardoso added that the improved market structure now allows participants to carry out transactions more easily without relying on extraordinary interventions by the Central Bank.
The CBN governor also disclosed that Nigeria has recorded stronger capital inflows in recent years as investor confidence gradually improves.
He noted that the country’s external reserves have risen significantly, recently surpassing $50 billion, marking the highest level in more than a decade. According to him, the increase has been supported by improvements in the balance of payments and renewed foreign investment inflows.
While addressing students during the event, Cardoso urged young Nigerians to prepare for the rapidly evolving global economy by developing digital and technological skills.
He stressed that the future job market will increasingly favour individuals with multidisciplinary capabilities and the ability to adapt to fast-changing technological environments.
Cardoso also advised students to cultivate curiosity, discipline, integrity and adaptability, describing these values as essential foundations for leadership and long-term success in a complex global economy.
