Nigeria’s improving economic indicators may soon begin to translate into better conditions for households and businesses, the Central Bank of Nigeria (CBN) has assured. The apex bank said ongoing monetary and fiscal reforms are gradually creating the foundation needed for economic stability to reach ordinary Nigerians.
CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. Represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, Cardoso acknowledged that many Nigerians were yet to feel the impact of the improvements recorded in key macroeconomic indicators.
According to Ikeazor, stronger coordination between the monetary and fiscal authorities is helping to stabilise the economy, with several government reforms expected to deliver more visible results soon. He pointed to initiatives such as the National Single Window, alongside other fiscal measures, as efforts that could help move the benefits of economic reforms from national statistics to households and businesses.
The Federal Government also cautioned that economic stability should not be mistaken for prosperity. President Bola Tinubu, represented by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said stability was only the foundation, while the ultimate goal remained increased investment, production, job creation and improved living standards. CIBN President, Dele Alabi, similarly stressed that macroeconomic gains must eventually reflect in household budgets and business balance sheets.
Meanwhile, the banking sector said Nigeria’s recent economic indicators suggest that the country is moving in the right direction, citing second-quarter 2026 GDP growth of 4.43 per cent, easing inflation and stronger external reserves. However, stakeholders warned that more affordable credit would be needed to sustain the gains, particularly for micro, small and medium-sized enterprises. The World Bank noted that private-sector credit remains low, with MSMEs receiving only about one per cent of credit, making increased access to finance and job creation critical tests for the next phase of Nigeria’s economic reforms.
source: punch
