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CBN Assures Nigerians of Reform Benefits
The Central Bank of Nigeria (CBN) has assured citizens that the benefits of improving macroeconomic indicators will soon reach households and businesses as fiscal and monetary reforms take effect.
CBN Governor Olayemi Cardoso, represented by Deputy Governor Philip Ikeazor, gave the assurance at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.
“All watchers of the economy have acknowledged the macroeconomic stability we have today. The question is, when will the common man feel the full benefits? That is on its way,” Ikeazor said.
He explained that reforms on the fiscal side, such as the National Single Window, would soon complement CBN’s monetary measures. He credited stronger coordination between fiscal and monetary authorities and President Bola Tinubu’s support for allowing the apex bank to focus on its statutory mandate.
Tinubu, represented by Finance Minister Taiwo Oyedele, said: “Stability has returned. Credibility is rising. Prosperity is coming. But we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”
CIBN President Dele Alabi stressed that reforms must cascade to households and businesses, noting that MSMEs still struggle with high costs, poor infrastructure and limited access to finance. “We have not yet reached our final destination,” he said.
UBA CEO Oliver Alawuba cited GDP growth of 4.43% in Q2 2026, easing inflation and stronger reserves as signs of progress, but urged banks to channel credit to productive sectors.
“These are signposts. They are mileposts. They are not the destination,” he said.
World Bank Country Director Mathew Verghis, represented by Bertine Kamphuis, said Nigeria’s reform gains were real but job creation must be the next test. He noted that MSMEs receive only about 1% of domestic credit despite their importance to employment.
