CBN Governor Cardoso declares Nigerian economy stable, says investor confidence rising
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has declared that the Nigerian economy is experiencing growing stability, boosting investor confidence and setting the stage for long-term growth.
Cardoso made the remarks during a press briefing on Tuesday, May 20, at the conclusion of the 300th Monetary Policy Committee (MPC) meeting held in Abuja.
“Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth,” Cardoso stated.
He emphasized that macroeconomic fundamentals have improved over the past 18 months, contributing to a more positive outlook for both local and foreign investors.
However, in a moment of clarification, Cardoso acknowledged the continued challenges with inflation, saying:
“What is now being recognised is that the Nigerian economy is now stable. The inflation numbers speak for themselves.”
Economic growth and investor sentiment
Cardoso’s comments follow recent data from the World Bank, which reported in its latest Nigeria Development Update that the country’s economy grew by 3.4% in 2024, driven by policy reforms and gradual recovery across sectors.
The CBN governor maintained that this growth and macroeconomic stabilization are laying a foundation for sustained investor engagement.
Inflation remains a concern
Despite his confidence in the broader direction of the economy, Cardoso’s own Monetary Policy Committee recently chose to hold the interest rate at 27.50%, noting that inflation remains elevated at 23.7% as of April.
The CBN continues to monitor inflation and currency stability as key indicators of economic health, with Cardoso suggesting that while stability is returning, more work is needed to translate macro improvements into tangible relief for Nigerians.
Analysts say the coming months will test the government’s ability to consolidate these gains amid ongoing pressures from fuel prices, food costs, and foreign exchange constraints.
