Nigeria’s economy is poised to withstand potential shocks from escalating tensions in the Middle East, according to Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. Speaking at the Distinguished Alumni Lecture during St Gregory’s College Lagos’ Founders Day celebration, Cardoso highlighted that ongoing macroeconomic reforms have fortified the country’s financial resilience.
He noted that global uncertainties, particularly the developing US–Israel–Iran conflict, could trigger higher energy prices, disrupt supply chains, and increase risk aversion among investors worldwide. Despite these challenges, Cardoso emphasized that Nigeria’s recent policy measures have strengthened the country’s economic buffers, providing stability amid external pressures. “The storms may come, but our house will stand firm,” he assured.
The CBN governor also revealed significant improvements in Nigeria’s foreign exchange market, describing it as more liquid and efficient following deliberate reforms. These measures have eliminated previous market distortions, cleared the backlog of unmet demand, and restored investor confidence, allowing market participants to operate without extraordinary central bank interventions.
Cardoso further highlighted the country’s growing economic strength, noting that Nigeria’s external reserves recently surpassed $50 billion—the highest in over a decade. He attributed this milestone to improved balance of payments, increased foreign investment, and enhanced capital inflows, signaling a gradual return of confidence among global investors.
Turning to the nation’s youth, Cardoso urged students to embrace digital and multidisciplinary skills that align with a rapidly evolving, technology-driven global economy. He stressed that curiosity, discipline, integrity, and adaptability remain essential qualities for future leadership and career success, preparing young Nigerians to thrive in an increasingly complex and interconnected world.
source: vanguard