Cardoso Outlines Nigeria's Economic Reforms at IMF Meeting

At the IMF/World Bank Annual Meetings in Bangkok, Thailand, Central Bank of Nigeria Governor Olayemi Cardoso addressed Nigeria's economic recovery reforms aimed at attracting long-term investment. He reported a decline in headline inflation to 14.63 percent in September, down from approximately 34.8 percent at the end of 2024.

External reserves surpassed $55 billion, the highest in 18 years, and formal remittance inflows neared $1 billion monthly. The banking sector raised N4.65 trillion in fresh capital, with over 70 percent sourced from domestic investors, indicating strong confidence in Nigeria's banking system.

Cardoso acknowledged the patience of the Nigerian people during challenging adjustments and stressed the importance of consolidating progress for sustainable economic growth. He participated in bilateral meetings with IMF's First Deputy Managing Director Dan Katz and World Bank President Ajay Banga, discussing Nigeria's policy priorities and opportunities for cooperation.

Cardoso also contributed to discussions on global economic resilience alongside IMF Managing Director Kristalina Georgieva.