Nigeria has attracted more than $8 billion in fresh energy investments, signaling renewed investor confidence driven by economic reforms and improved security, according to the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Cardoso made this known at the conclusion of the IMF/World Bank Annual Meetings, where he also announced that Nigeria will assume the chairmanship of the G-24 group of developing nations on November 1, 2025.
Speaking to journalists, the CBN governor attributed the influx of new investments to enhanced security in oil-producing areas and consistent implementation of economic reforms over the past two years. “Reduced insecurity in oil-producing regions and targeted incentives have increased production and attracted over $8 billion in new energy investments,” Cardoso said.
He explained that reforms such as the unification of the foreign exchange market, monetary tightening, and fiscal consolidation are already producing tangible results, including moderating inflation, stabilizing the naira, and restoring investor trust.
Cardoso cautioned against “reform fatigue,” stressing the importance of policy consistency to consolidate recent gains. “We must continue to show results, because this is not a short dash, it’s a marathon. As inflation begins to trend down, people must see and feel the benefits to know that better days lie ahead,” he noted.
Highlighting the CBN’s engagement with Nigeria’s growing fintech ecosystem, Cardoso said collaboration between regulators and innovators is key to achieving inclusive and sustainable growth. “We’ve had several engagements with fintech operators to understand their challenges and develop a roadmap for sustainable progress,” he added.
Reflecting on Nigeria’s economic outlook, the CBN chief said the economy has achieved relative stability and is now entering a growth phase. “Nigeria is in a relatively good place. The economy is stable, I don’t think anyone can deny that. In the last quarter, we saw growth improve from three to four percent. Inflation is easing, and while we are on a good path, sustaining it requires staying the course,” he said.
Cardoso further observed that the global emphasis on growth, particularly by the United States as it takes over the G20 chairmanship, aligns well with Nigeria’s current trajectory. “We are now in the right place for growth, and I expect support from various economies, including the Americas. I see this as a very positive sign,” he concluded.
