From Adanna Nnamani, Abuja
The 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, wear a different colour.
The Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso, is flaunting Nigeria’s bold economic vision with clarity and conviction, and reaffirming the country’s place as a key player in shaping global financial discourse before global financial leaders, policymakers and investors.
Simply put, the apex bank is asserting itself in the international spotlight as the governor launched a bold diplomatic and economic engagement campaign, most notably with the recent Nigeria Investment Forum held at the Nasdaq MarketSite in New York, in collaboration with J.P. Morgan and the Nigerian Exchange Group (NGX).
This forum, themed “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” was more than a ceremonial gathering; it marked a pivotal moment in Nigeria’s economic narrative. It signaled the CBN’s intent to reintroduce Nigeria to the global investment community as a credible, reform-oriented economy, and was a deliberate step in reshaping perceptions, fostering investor confidence, and reinforcing the country’s financial credibility.
Cardoso, who assumed office in late 2023, inherited a central bank facing multiple headwinds—dwindling reserves, exchange rate instability, and a crisis of investor confidence. From the outset, his strategy has been defined by a return to orthodox monetary policy, prioritizing transparency, market confidence, and rule-based governance. In his dialogue with Nobel Laureate Dr. James Robinson at the Nasdaq forum, Cardoso underscored the urgency of policy reset, describing the CBN’s current path as a break from the ad hoc policies of the past and a journey back to monetary fundamentals.
The response from international investors was notable. The event drew participation from prominent financial figures such as Joyce Chang of J.P. Morgan, Jason Rekate of Citi, Razia Khan of Standard Chartered, and Ahmad Zuaiter of Jadara Capital—all of whom acknowledged the direction and determination demonstrated by the CBN under Cardoso. A sense of cautious optimism permeated the discussions, with renewed interest in Nigeria’s macroeconomic prospects driven by signs of stability and reform.
CBN Deputy Governor Muhammad Sani Abdullahi presented tangible outcomes of the bank’s new policy direction: a surge in FX market turnover, early signs of disinflation, and an improving reserve position—all tied to a more transparent and rules-based foreign exchange framework. The panel discussion, aptly titled “Repricing Nigeria: Assessing the Scope for Sustained Change,” echoed these themes, emphasizing the recalibration of economic fundamentals and the role of institutional reform in attracting long-term capital.
These reforms have not gone unnoticed by global financial institutions. The IMF, in its latest Article IV Consultation, commended the CBN’s move toward greater exchange rate flexibility and its decisive stance on inflation control. Similarly, J.P. Morgan’s decision to co-host the investment forum was seen as a powerful endorsement of Nigeria’s new economic direction, particularly its commitment to transparency and market-driven policy.
A defining feature of the New York engagement was the deliberate inclusion of the Nigerian diaspora, highlighting the CBN’s effort to foster global partnerships rooted in shared national interest. U.S.-based members of the Monetary Policy Committee, including Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, participated actively in the forum, alongside diaspora leaders such as Dr. Nkiru Balonwu and Temi Popoola. Their involvement sent a strong message about the central bank’s inclusive approach to policy and its desire to draw on global expertise in advancing Nigeria’s economic transformation.
Beyond the forum, the CBN has implemented a series of policy actions that reflect a cohesive and disciplined reform agenda. It has raised the Monetary Policy Rate multiple times in response to inflationary pressures, unified Nigeria’s exchange rate structure to eliminate arbitrage opportunities, introduced stronger prudential regulations, and scaled down its quasi-fiscal interventions to foster a market-led credit environment. These steps are part of a broader strategic shift to restore credibility and foster long-term financial stability.
Cardoso’s international outreach is already yielding potential dividends. The restored confidence in Nigeria’s macroeconomic management is likely to attract increased foreign portfolio inflows, while the improved transparency and institutional consistency may pave the way for more sustained foreign direct investment, particularly in key sectors like infrastructure, technology, and manufacturing. A strengthened external reserves position will also help stabilize the naira and support government efforts in fiscal consolidation, including subsidy reforms and debt management.
Ultimately, the CBN’s engagement on the global stage, particularly its New York debut, represents more than just a public relations campaign—it is a manifestation of a deep institutional shift. Under Cardoso, the Central Bank is not merely responding to crises but actively engineering a new financial architecture for Nigeria—one built on transparency, orthodoxy, and accountability.
While formidable challenges remain—most notably inflation control, external debt obligations, and political economy dynamics, the foundations being laid are robust. If maintained, this policy trajectory could usher in a new era for Nigeria’s financial system, where investment is not merely sought but earned through credibility and clarity.