Nigeria’s economic leadership took the global stage in Washington, DC, this week, unveiling a bold and data-driven roadmap toward sustained growth and stability. Speaking at the Nigeria Investors Forum, held on the sidelines of the IMF–World Bank Annual Meetings, Central Bank Governor Olayemi Cardoso declared that Nigeria’s ongoing reforms are “laying a stronger foundation for a resilient, investment-ready economy.” He emphasized that the Central Bank and the Ministry of Finance now operate in close coordination, ensuring continuity and stability even amid economic headwinds.
Special Adviser to the President on Finance and the Economy, Sanyade Okoli, echoed this optimism, describing Nigeria’s economy as “in transition, from survival to resilience.” She noted that fiscal discipline, transparency, and structural reforms have begun to yield tangible results. “Inflation is now below 20% for the first time in three years, external reserves have rebounded to $42.3 billion, and the naira has enjoyed months of stability,” Okoli said, underscoring the progress made in restoring confidence to both local and foreign investors.
According to Okoli, Nigeria’s heavy dependence on oil exports is steadily declining, now standing at 57.5%, down from 90% just a few years ago, while non-oil revenues continue to rise. “The economy is diversifying, and resilience is building,” she noted. With a clear growth target in sight, she set an ambitious benchmark: “Our goal is 7% growth by 2027–2028, and we’re already on the path. Q2 growth was 4.3%, the highest in years.”
Infrastructure development remains central to this new strategy. Okoli revealed ongoing partnerships worth billions of dollars with international development agencies to close Nigeria’s long-standing infrastructure gap. “We’re mobilizing $32 billion to enhance power supply, expanding 10 major road corridors through PPPs, and laying 90,000 kilometers of fiber-optic cable to boost digital connectivity,” she said. These projects, she added, are designed to unlock productivity and attract sustainable private-sector investments.
From the monetary policy front, CBN Deputy Governor for Economic Policy Mohammed Sadi Abdullahi confirmed that the macroeconomic environment has turned a corner. “We now have a much more stable currency. The FX premium that once stood at 52% is now below 3%,” he said. Inflation has eased to 18.02%, while foreign reserves have climbed to $43.4 billion, enough to cover 11 months of imports. Abdullahi also highlighted the deepening of Nigeria’s financial markets, with monthly turnover rising to $8.6 billion this year. Summing up Nigeria’s economic direction, Okoli concluded confidently: “Nigeria’s story is no longer one of volatility, it’s one of velocity. We’re moving with purpose, aligned, and determined to make this decade the one where Nigeria truly takes off.”
source: The sun