CBN Governor Cardoso Declares End to Ineffective Interventions, Touts Reform-Led Growth
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced a definitive end to the bank’s era of interventions that failed to deliver meaningful results. He asserted that the current suite of economic reforms is steering the Nigerian economy toward a more sustainable and robust growth path.
A New Direction at the CBN Executive Seminar
Cardoso made these remarks on Tuesday in Abuja while delivering a keynote address at the 2025 Annual Executive Seminar of the apex bank. The event, themed “Deepening Reforms: Path to Diversification and Sustainable Growth,” served as a platform to outline the bank’s renewed strategic focus.
“While most of the reforms came with short-term challenges, they were essential to repositioning the economy on a more sustainable growth trajectory,” Cardoso stated, acknowledging the initial difficulties many Nigerians have faced.
He was unequivocal about the shift in policy, declaring, “Gone are the days of endless interventions by the bank which yielded no results. Now we have undertaken critical reforms which are reshaping the economy on the path of growth which we must protect.”
Building Investor Confidence in a Shifting Global Landscape
Cardoso further elaborated on the new philosophy guiding the CBN, emphasizing the critical need to strengthen investor confidence. He pointed to credible policies, transparent markets, and sound governance as the cornerstones for achieving this.
“The second one emphasises the importance of a credible inflation targeting regime to enhance predictability, guide market expectations and anchor long-term investments for sustainable growth,” he explained, highlighting a key pillar of the bank’s strategy to stabilize the economy and foster a predictable business environment.
Fiscal and Monetary Authorities Unite on Economic Goals
The Minister of State for Finance, Dr. Doris Uzoka-Anite, who also spoke at the event, reinforced the collaborative spirit between the government and the central bank. She noted that the finance ministry deeply values its robust relationship with the CBN.
“The finance ministry, together with the CBN formed the fiscal and monetary pillars of Nigeria’s economic stability,” Uzoka-Anite said. She outlined a clear national ambition, adding that “Nigeria’s goal was to generate gross domestic product of over four per cent per annum by 2027.”
Strategic Platform for Economic Planning
Echoing the seminar’s significance, the CBN’s Deputy Governor for Economic Planning, Dr. Mohammed Abdullahi, described the annual gathering as a vital strategic platform. He noted its role in enabling the apex bank’s leadership to critically examine emerging domestic and global macroeconomic trends, ensuring that Nigeria’s economic policies are responsive and forward-looking.
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