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.

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Mauritanian economist and development finance expert, Sidi Ould Tah, has officially assumed office as the 9th president of the African Development Bank (AfDB) Group, succeeding Akinwumi Adesina after a decade of leadership. His election, held during the AfDB’s annual meetings in Abidjan, Côte d’Ivoire, saw him secure a decisive 76.18 percent of the votes, reflecting strong continental support.

In his inaugural speech, Tah pledged to steer the bank with a renewed focus on collaboration, reforms, and accelerated development, stressing that his administration will prioritise economic transformation, job creation, and social progress.

He expressed gratitude to President Alassane Ouattara of Côte d’Ivoire for hosting the historic swearing-in, as well as to President Mohamed Ghezouani of Mauritania for mobilising national support throughout his candidacy. Tah also acknowledged the contributions of AfDB governors, African leaders, civil society, and development partners who rallied behind his vision.

Promising to build on the foundation laid by his predecessors, he vowed to work “in a spirit of consultation and collegiality” to strengthen the AfDB’s role as Africa’s premier financial institution.

Tah highlighted debt management, climate resilience, peace-building, and sustainable development as urgent priorities, while pledging to bridge divides between vision and execution, public and private sectors, and urgency and bureaucracy.

Expanding AfDB’s Reach

Looking ahead, Tah announced plans to broaden the AfDB’s partnerships by engaging sovereign funds, pension funds, and private investors to scale up financing for Africa’s development agenda.

He outlined a 100-day action plan anchored on four priorities:

1. Listening to stakeholders, partners, and AfDB staff to align with real-world needs.

2. Fast-tracking reforms to improve efficiency and cut red tape.

3. Deepening partnerships with African and global institutions to mobilise capital.

4. Delivering solutions that expand access to finance, create jobs, and empower women and youth.

With these commitments, Tah positions the AfDB as a catalyst for inclusive growth and long-term prosperity across the continent.

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