Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has restated the apex bank’s determination to sustain macroeconomic stability, strengthen the banking sector, and position Nigeria as a preferred investment destination.
Cardoso made this known during a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos. The session was moderated by Andreas Voss, Chief Country Representative of Deutsche Bank Nigeria.
In a statement by the CBN’s Acting Director, Corporate Communications, Hakama Sidi-Ali, the governor said the ongoing recapitalisation exercise for Nigerian banks was progressing well and would produce stronger financial institutions capable of withstanding economic shocks and financing growth.
According to him, reforms introduced by the apex bank, alongside stabilisation of the naira, have been key drivers of renewed investor confidence, as acknowledged by members of the EU business community in Nigeria.
“Headline inflation remains elevated, but it is declining as a consequence of collective efforts. We anticipate that the benefits of our tightening posture will continue. The CBN will safeguard the stability that has been re-established in the financial system with utmost zeal,” Cardoso said.
He stressed that the bank’s primary objective is to maintain financial stability while addressing inflation and ensuring the resilience of the system to support corporate lending and investment.
On interest rates, the CBN governor noted that while lending costs remain high, there is substantial potential for a downward adjustment as inflation moderates and markets improve in capital allocation efficiency.
“That is the environment in which stronger corporate lending and higher investment levels will naturally follow,” he added.
Cardoso further explained that the CBN’s recapitalisation directive, mandating banks to raise their minimum capital, is a deliberate measure to strengthen the financial system and broaden its capacity to support diverse economic activities.
Beyond banking sector reforms, he emphasised the need for technology-driven solutions to deepen access, address poverty, and expand financial inclusion, while
