Follow Us on Google
Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated the apex bank’s resolve to safeguard macroeconomic stability, strengthen the banking sector and reposition Nigeria as a prime investment destination.
Speaking during a fireside chat moderated by Andreas Voss, Chief Country Representative, Deutsche Bank Nigeria, at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos at the weekend, Cardoso highlighted the progress of the ongoing banking recapitalisation exercise, describing it as a decisive step towards building stronger financial institutions.
“The recapitalisation is making good progress and will result in even stronger institutions that can withstand shocks and finance growth,” the CBN Governor said.
According to him, key drivers of renewed investor confidence include the stabilisation of the naira and far-reaching reforms spearheaded by the Bank, which have already earned commendation from members of the EU Chambers in Nigeria.
While acknowledging that inflation remains elevated, Cardoso noted that recent monetary tightening is beginning to yield results. “We will protect the stability that has been re-established in the financial system with the utmost zeal,” he said. “Our primary objective is to maintain that stability while simultaneously addressing inflation and ensuring that the financial system is sufficiently resilient to facilitate corporate lending and investment.”
Other News
On concerns over high lending rates, Cardoso explained that they are tied to inflationary pressures but expressed optimism about the future. “There is substantial potential for interest rates to decrease as inflation continues to decline and as markets become more efficient in allocating capital. That is the environment in which stronger corporate lending and higher levels of investment will naturally follow,” he assured.
Cardoso stressed that the recapitalisation directive—mandating banks to raise their minimum capital base—is deliberately designed to bolster resilience and broaden the capacity of financial institutions to support the real economy.
Beyond monetary reforms, the Governor emphasised the need to harness technology-driven solutions to accelerate financial inclusion, tackle poverty, and strengthen Nigeria’s growing fintech ecosystem. He noted that collaboration with fiscal authorities such as the Ministry of Finance, Ministry of Industry, Trade and Investment, and the Budget Office has created stronger policy alignment. “This synergy is crucial to sustaining reforms and achieving long-term stability,” he said.
Reflecting on Nigeria’s global outlook, Cardoso underscored the importance of domestic reforms in a shifting geopolitical landscape. “The urgency of addressing our own affairs is underscored by the ongoing geopolitical changes,” he remarked. “Nigeria is a large and attractive market in its own right, strategically positioned at the gateway to West Africa. This underscores the importance of maintaining stability at home.”
Earlier, Eurocham Nigeria President, Yann Gilbert, praised the dialogue as a timely platform for building trust and collaboration between European investors and Nigerian policymakers. “Our members are profoundly dedicated to this nation,” he said. “We aspire to establish enduring partnerships, generate employment opportunities, and invest. The purpose of this forum is to foster engagement, dialogue, and solutions that enhance confidence and unleash opportunities between Nigeria and Europe.”
