Cardoso Courts Investors, Says Nigeria’s Old Economic Order Is Gone
A New Economic Narrative
GOVERNOR of the Central Bank of Nigeria, Olayemi Cardoso, has declared that Nigeria has turned a decisive corner in its economic management, assuring global investors that the country is building a transparent, stable, and rules-based system.
Speaking at the Africa Capital Forum in London, Cardoso described Nigeria’s previous economic framework as deeply flawed, insisting that reforms have now replaced opacity with openness.
“The economic system we had is now dead and buried,” he said, positioning the reforms as a reset aimed at restoring investor confidence.
From Crisis to Stabilisation
Cardoso acknowledged that Nigeria recently experienced severe macroeconomic instability, marked by high inflation, excess liquidity, and capital flight. However, he argued that recent policy measures are yielding results.
According to him, inflation has declined significantly, with 11 consecutive months of disinflation, signalling a gradual return to stability.
He emphasised that monetary policy is now driven by data and insulated from political interference—an approach he described as critical to long-term credibility.
Reforms Target Transparency and Trust
A key plank of the CBN’s reform agenda is dismantling discretionary practices within the financial system. Cardoso stressed that transactions at the apex bank no longer depend on personal connections, signalling a shift towards institutional integrity.
He added that Nigeria is transitioning to a rule-based regulatory framework designed to enhance governance, reduce uncertainty, and attract investment into key sectors such as power, infrastructure, and agriculture.
Banking Sector Expansion and Strengthening
The CBN governor also highlighted the growing international footprint of Nigerian banks, noting their presence in the United Kingdom and other markets.
He revealed that most banks have met recapitalisation requirements, reinforcing the resilience of the financial system and positioning the sector as a driver of cross-border investment.
Global Confidence and Next Steps
At the forum, Odile Renaud-Basso expressed optimism about Nigeria’s economic trajectory, indicating that the European Bank for Reconstruction and Development is considering investments in the country.
The event, held alongside engagements linked to Bola Ahmed Tinubu’s UK visit, brought together policymakers and investors to assess Nigeria’s reform progress.
Outlook: From Stabilisation to Growth
As Nigeria seeks to transition from stabilisation to sustained growth, Cardoso’s message was clear: the country is repositioning itself as an investment destination.
Whether the reforms translate into sustained capital inflows, analysts say, will depend on policy consistency and the government’s ability to maintain macroeconomic discipline.
