Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), and Wale Edun, finance minister and economic coordination minister, claimed that Nigeria has withdrawn from its most turbulent economic period.
Speaking at a joint press conference at the 2025 International Monetary Fund (IMF)/World Bank Spring Meeting on Friday, Governor CBN asserted that the country’s monetary and financial framework has been greatly mature and that the foreign exchange market is now operating effectively based on market fundamentals.
Cardoso stressed that the main responsibility of the central bank is still to maintain stability rather than imposing tax rates arbitrarily.
“We are stable custodians. Our role is to ensure that people can plan without being hit by internal or external disturbances. ” He said.
He warned against lingering cynicism, describing the current economic environment as an opportunity that Nigerians must seize.
“This is not the time to be cynical. If we don’t know and take advantage of our opportunities, others will. Capital moves to the location where the environment is enabled. Therefore, it is not the time to be cynical. Now is the time for us to look forward to the future. With all faith, we will get rid of any problems we face.” Cardoso said.
Edun, the Finance Minister and Economic Coordination Minister, confirmed that major economic indicators are developing positively, which is evident from what happened a few years ago.
He responded to the report that the country had slipped into Africa’s fourth largest economy, saying:I haven’t read this report yet, but Nigeria is a much better place economically and financially than it was a few years ago. Inflation rate is lower, exchange rate is stabilizing, food prices are lowering, and fundamentals are stronger. ”
According to Edun, in recent challenges, the resilience of the external sector in Nigeria (investors eventually recovered confidence) proves the potential strength of the economy.
Looking ahead, he outlines the ambitious goals of economic growth. “Now we must deliberately develop the Nigerian economy at a rate of no less than 7% per year. Nothing less will keep our people from poverty,He said.
