Economic stability is not an end in itself. It must create the conditions for investment, enterprise and sustainable growth. This conviction has guided our work at the Central Bank of Nigeria and shaped our recent engagements across Asia.
Rather than approach the IMF/World Bank Annual Meetings in Bangkok as a standalone event, we made a deliberate decision to use the opportunity to deepen Nigeria’s financial relationships across the region. Our programme brought together engagements in Singapore, Bangkok and China, focused on strengthening institutional relationships, deepening financial markets and improving the financial infrastructure supporting trade and investment.p
We approached these engagements with encouraging evidence of progress at home. Inflation moderated to 14.63% in September, from nearly 35% at the end of 2024. External reserves exceeded US$55 billion, their highest level in 18 years, while Nigerian banks raised ₦4.65 trillion through recapitalisation, largely from domestic investors.
These are important milestones, but I remain conscious of the economic pressures many Nigerians continue to face. Our responsibility is to sustain this progress and ensure that stability increasingly translates into tangible economic opportunity.
In Singapore, I particularly valued our engagement with the Monetary Authority of Singapore (MAS), where we exchanged perspectives on financial-market development, foreign exchange, innovation and institutional frameworks. There is much to be gained from dialogue between central banks confronting shared challenges, even under different economic circumstances.
We also met with the Singapore Exchange (SGX), alongside NGX and FMDQ, to explore opportunities to deepen Nigeria’s capital markets and strengthen international investor participation. Our signing of an MoU with the Global Finance & Technology Network (GFTN) further advanced cooperation on institutional capacity-building and financial innovation.
At the Nigeria–Asia Financial Connectivity Dialogue, with participation from J.P. Morgan, NGX and FMDQ, we explored stronger connections between Nigerian and Asian financial institutions, investors and markets.
The IMF–World Bank Annual Meetings in Bangkok provided an opportunity to reflect on Nigeria’s reform experience within the broader global economic conversation.
It was a privilege to join IMF Managing Director Kristalina Georgieva and fellow policymakers for the flagship Debate on the Global Economy, where I spoke about the importance of building more productive, competitive and resilient African economies.
Our discussion on artificial intelligence particularly resonated with me. Africa must develop the capabilities and institutions to create and capture value from emerging technologies, rather than remain primarily a consumer of innovations developed elsewhere.
I also participated in the IMF’s How Central Banks Decide session, moderated by Dan Katz, First Deputy Managing Director of the IMF. The discussion reinforced an important lesson from our own reform experience: sound monetary policy decisions must be accompanied by transparency, effective communication and consistent implementation if they are to build lasting confidence.
Alongside the Honourable Minister of Finance and Coordinating Minister of the Economy, we also engaged IMF and World Bank leadership and international credit rating agencies on Nigeria’s economic outlook and reform priorities.
Our engagements with China brought these conversations into sharper practical focus.
Following my discussion with Governor Pan Gongsheng of the People’s Bank of China in Bangkok, our delegation continued the dialogue with the PBoC in Beijing on cross-border payments, settlement arrangements and financial innovation.
I also met with the Chairman and senior leadership of the Industrial and Commercial Bank of China (ICBC). Financial flows between our countries remain heavily concentrated in one direction, and our focus at the CBN is on strengthening financial connectivity and creating the conditions for greater two-way flows.
In Beijing, we held two complementary forums. The first brought together business, financial and industry leaders active in the Nigeria–China corridor, providing valuable perspectives on payments, foreign exchange, trade finance and the practical challenges of cross-border commerce.
The second, an investment forum organised in partnership with ICBC, brought together institutional investors, development finance institutions and financial-market participants to explore opportunities in Nigeria’s financial markets and the conditions needed to support greater investment.
An important part of our discussions also concerned the Nigerian diaspora and the need for more accessible, efficient and affordable remittance and cross-border payment channels. Strengthening the financial connections between Nigerians abroad and the economy at home remains a priority for the Bank.
Our delegation subsequently held a listening session in Guangzhou with Nigerian businesses trading with China, providing further insights into the challenges they face.
Looking back, I am encouraged by the interest in Nigeria’s reform trajectory and the willingness of institutions across Asia to deepen cooperation. But the real measure of these engagements will be what follows: businesses that can transact more efficiently, investors who can participate with greater confidence and financial institutions that are better connected to international markets.
At the Central Bank, we remain focused on sustaining disinflation, safeguarding monetary and financial stability and strengthening institutional credibility.
Ultimately, our success will not be measured simply by improved economic indicators or stronger international relationships, but by our ability to translate both into lasting prosperity for Nigerians.
— Olayemi Cardoso is the Governor of the Central Bank of Nigeria
