Nigeria Positioned to Weather Global Economic Shocks

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), delivered a speech in Lagos on March 12, 2026, during the annual distinguished alumni lecture at St. Gregory's College. He assured that Nigeria is in a stronger position to navigate current global economic shocks, thanks to macroeconomic reforms established over the past two years.

Cardoso highlighted the ongoing geopolitical tensions, particularly the US-Israel-Iran conflict, which could impact energy prices and supply chains. He acknowledged the need for the federal government to implement current reforms while expressing concerns about the lack of social protection and poor infrastructure affecting businesses.

Cardoso noted that 33 banks successfully raised additional capital through the CBN's recapitalization program, with 30 already meeting new minimum capital requirements. He emphasized the importance of orthodox monetary policies in combating inflation, which has decreased from a peak of 34% to around 15% today, with a goal to bring it down to single digits.