Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, said Nigeria’s ongoing monetary and financial sector reforms were strengthening the economy’s resilience to external shocks while reinforcing investor confidence, as policy discipline and structural adjustments yielded measurable stability gains.
That was as international investors continued to express support for ongoing reforms in the Nigerian financial sector, maintaining that the objectives remain a credible adventure.
Cardoso spoke at the Africa Capital Forum, with the theme, “From Stabilisation to Capital Mobilisation,” which was jointly hosted by CBN and UK Foreign, Commonwealth and Development Office (FCDO), at The Peninsula, London.
The event was hosted on the side-lines of President Bola Tinubu’s State Visit to the UK.
The CBN governor disclosed that foreign investors accounted for about 28 per cent of total inflows into the ongoing banking sector recapitalisation programme, underscoring renewed global confidence in Nigeria’s financial system.
He told investors and development partners that the central bank had “created stronger capacity to withstand shocks,” through disciplined policy and institutional reforms.
He also stated that Nigeria’s foreign exchange market now enjoyed far greater transparency and liquidity, with a new foreign exchange (FX) manual eliminating many former capital control measures and simplifying trade and investment processes.
Cardoso announced that the central bank had finalised a new Payments System Vision for Nigeria, to be launched soon, aimed at positioning the country as a regional leader in digital and cross-border payments.
He reported significant progress in the bank recapitalisation programme, stating that more than 30 banks have met the new capital requirements, with verification ongoing for the rest.
He said, “About 28 per cent of investment in the recapitalisation came from foreign sources,” adding that the outcome reflects renewed confidence in Nigeria’s financial stability.
Cardoso explained that diaspora remittances had grown significantly, helping diversify the country’s foreign exchange reserves, which were now more resilient to global volatility.
He stated, “Our focus going forward is to protect the hard earned stability we have accomplished so investors and stakeholders can plan with confidence.”
He added that CBN under his leadership would remain open and transparent, provide constant communication, and raise the bar of the people’s expectations, to guard against past missteps.
Highlighting the bank’s digital finance agenda, Cardoso said CBN was working closely with Nigeria’s fintech sector to address regulatory and operational bottlenecks and support innovation that strengthened financial inclusion across Africa.
He reaffirmed the importance of close collaboration between fiscal and monetary authorities, stating that the presence of representatives of the fiscal authorities on the CBN Board and Monetary Policy Committee “engenders the coordination that is so critical for sustainable growth.”
Cardoso confirmed that inflation had fallen sharply, exchange rate stability had improved, and reforms had positioned Nigeria’s economy “for significant growth driven by domestic investment, oil sector reforms, and renewed global trust”.
He said, “We will continue to maintain stability, not only on inflation, but in the FX market, with more transparency and consistent reporting.”
On inflation, he said CBN would remain vigilant to ensure inflation was managed as effectively as possible.
The apex bank governor stated that Nigeria’s macroeconomic reforms had shifted the country from the phase of stabilisation to one of capital mobilisation, encouraging investors to see Nigeria as “an economy to watch very closely”, as its growth drivers deepen and its banking system becomes one of the strongest in Africa.
Cardoso said management was reviewing CBN’s policies with a view to developing meaningful policies and establishing a predictable policy framework to minimise discretion.
British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, said at the forum that United Kingdom was one of Nigeria’s partners with links in banking and capital markets.
Baxter said with the current reform successes, the next phase should convert renewed investor interest into long-term sustainable investments.
He said, “The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments.”
He assured that the UK will also support economic transformation to enhance the economic relationship between the two countries.
The high-level forum brought together global investors, development financiers, and fintech innovators for a strategic dialogue to deepen Nigeria’s financial resilience and investor confidence.
In her remarks, President of the European Bank for Reconstruction and Development (EBRD), Madame Odile Renaud-Basso, hailed the potential of the Nigerian economy, stating, “We see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies.”
In his remarks, Head of West and Central Africa, UKEF, Steve Gray, stated, “Confidence is built through full fiscal transparency. But the reforms in Nigeria are providing transparency and building confidence.
“I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities.”
Managing Director, Policy Strategy and Delivery, European Bank for Reconstruction and Development (EBRD), Melis Ekmen Tabojer, said, “The recent reforms that Nigeria has had have had a huge impact in attracting investors and how policies are made.”
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the event, said the Nigerian government sought to drive the right quality of growth, adding that government alone cannot fund the growth.
Represented by Special Adviser to the President on Finance and the Economy, Mrs Sanyade Okoli, the minister said, “We need to work with partners who will bring the sticky equity capital.”
Key sessions of the forum featuring CBN Deputy Governors, Dr. Muhammad Sani Abdullahi (Economic Policy) and Mr. Philip Ikeazor (Financial System Stability), among other subject matter experts, examined repricing risk and the reopening of capital markets, Nigerian banks’ presence on the global stage, Fintech and the future of remittances, highlighting the rise of digital platforms, as well as regulation, risk, and resilience.
Abdullahi emphasised the level of stability achieved by CBN, disclosing that net and gross reserves are high, foreign reserves are over $50 billion, while the foreign exchange market has stabilised, and inflation is falling.
He added, “But we are cautious.”
Ikeazor said all the reforms that had been put in place were such that cut across stakeholders, ensuring that even at the end of the present administration, people will see the need not to reverse the reforms.
In their respective interventions, Segun Alebiosu (MD/CEO of First Bank); Oliver Alawuba (MD/CEO of United Bank for Africa (UBA); Miriam Olusanya (MD/CEO of GTCO); Yemisi Edun (MD/CEO of First City Monument Bank); Roosevelt Ogbonna (MD/CEO of Access Bank); and Akin Oguranti, Executive Director of Zenith Bank, who represented the bank’s Managing Director, all commended the banking reforms in Nigeria. They acknowledged that the reforms had increased confidence in the economy and allowed the banks to fund more projects locally.
According to a statement issued by the central bank, over the past two years, Nigeria has undertaken significant monetary and structural reforms aimed at stabilising its macroeconomic environment.
The statement said under Cardoso’s leadership, inflation had dropped sharply from 34 per cent to 15 per cent, while exchange rate volatility had eased, and foreign reserves had risen above $50 billion.
It said banking recapitalisation and foreign exchange market unification had further strengthened trust in policy consistency.
The forum assessed the impact of the reforms and highlighted new opportunities for long-term capital mobilisation and diaspora investment.
Framed around three pillars (Nigeria’s macroeconomic reset, strengthening the financial system, and mobilising global and diaspora capital), the Africa Capital Forum sought to build stronger bridges among Abuja, London, and the global financial community.
James Emejo and Nume Ekeghe
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