The Central Bank of Nigeria (CBN) says investor confidence in the economy is growing, driven by reforms that have stabilized the naira, curbed inflation, and improved transparency.
Speaking at the IMF/World Bank Meetings in Washington D.C., CBN Governor Olayemi Cardoso said global investors and rating agencies have shown renewed trust in Nigeria’s economic direction.
He noted that the naira is strengthening, with the gap between official and parallel rates now below 2%, while foreign reserves have risen to over $43 billion, enough to cover 11 months of imports. Inflation, he added, dropped to 18.02% in September, the lowest in three years.
Cardoso said ongoing fiscal reforms, including subsidy removal and better revenue mobilization, are helping stabilize public finances and attract new investments. Over $8 billion has been committed to Nigeria’s energy sector this year alone.
He also announced that Nigeria will assume the Chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on November 1, reflecting global confidence in the country’s reform progress.
