Olayemi Cardoso, the governor of Nigeria’s Central Bank (CBN), issued a call to action, urging Nigerians to actively participate in reviewing key policy documents. He specifically highlighted the World Bank’s Nigeria Development Update (NDU), emphasizing its importance. During the May 2025 NDU launch in Abuja on Monday, Cardoso stated, “I think it’s a very useful document, and I really do want to commend the World Bank for taking the time and the effort to put this out every six months; very useful.”
He expressed concern about the low engagement with the document, noting, “However, I do feel that Nigerians perhaps don’t read enough. They don’t take advantage of, and policymakers by extension, of such useful analysis, which is readily available.” He further elaborated, “Why do I say so? Apart from many of the things we hear at times, I remember at one point in time we looked at the website, and we were appalled by the fact that barely 1,000 or 2,000 people had downloaded that particular document.” Despite acknowledging potential differences in perspective, Cardoso concluded, “Very useful, very concise, and I would encourage as many as possible to look at that document. In some areas we are not necessarily on the same page, to be honest, but it’s still a useful framework to start to understand the complexities of the situation. So well done to the World Bank.”
The CBN’s commitment to economic stability was underscored by Cardoso. He explained, “We continue, not just in attaining, but we continue to protect, so that forms the need for us to be proactive, to be able to understand risks, and to be able to move before the risks overwhelm us.” He cited the moderation of FX rate volatility as a success, stating, “In a nutshell is putting into context how we see our role and the things we have done so far, and that is why you find that the volatility in FX rates has considerably moderated. It was about 4 percent about a year ago, and now it’s down to less than half percent, and those are all things that we will continue to ensure that we guard on generosity.” He confirmed that while inflation persists, it’s easing, and that monetary policy will maintain its current trajectory. Cardoso projected, “We believe that if we continue the course of orthodox monetary policy, which you speak about, and which has brought about results, if we’re able to continue the course, which we will, then over time, the inflation should moderate. Of course, with that would go moderation in interest rates as well. Those are things that will naturally take its course, if you look at where we were related to where we are now, I think those things speak for themselves.”
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, emphasized the critical role of investment in the government’s economic growth and poverty reduction strategy. He stated, “In terms of where we go next, the key is investment; it is investment that allows increases in productivity that grows the economy, creates high quality jobs that lift Nigerians out of poverty in their millions, which is the aim of Mr. President, so we’re trying to go to 7% growth.”
Edun observed a positive trend in investment, saying, “You know Building Momentum, that word momentum is in the title of this NDU. I sense and feel the momentum from the people I met yesterday that are interested in investing in telecoms technology, broadband access, to the people I met yesterday who are opening a plant next month that will produce lubricants, not just for the Nigerian market, but for export to West Africa, the ECOWAS market, as well as the African continental free trade area, which is also the opportunity of the time. I sense and I feel, it’s anecdotal for now, but it will reflect in the figures, there’s a momentum to invest in Nigeria.”
He also stressed the importance of social safety nets, emphasizing, “Finally, I must also point out that a big part of this push forward is still focused on the social safety net, focused on not leaving people behind. Every effort is being made to digitize the way in which we reach out and directly help Nigerians who are so identified for help with biometric unique identification of everybody that is to be paid. I mean payment through digital mechanism, either a BVN, which means you have a bank account or a mobile one.” Edun concluded by stating that these reforms are designed to propel continued economic progress.
