CBN Assures Nigerians Benefits of Economic Stability Will Soon Be Felt
The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving macroeconomic stability will soon be felt by households and businesses as ongoing fiscal and monetary reforms begin to take effect.
The 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 in Abuja.
Cardoso, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, acknowledged concerns that improvements in key economic indicators had yet to translate fully into better living conditions for many Nigerians.
He said the apex bank was working closely with the fiscal authorities to ensure that the gains from economic stabilisation eventually translate into tangible improvements at the household and business levels.
Ikeazor said, “All watchers of the economy have acknowledged the macroeconomic stability we have today. But the question that remains on everyone’s mind is, when will the common man feel the full benefits? That is on its way because of this same collaboration that I’m talking about.”
According to him, some of the reforms being implemented by the fiscal authorities are expected to begin yielding results soon and complement measures already taken by the apex bank.
He cited initiatives such as the National Single Window, alongside broader macroeconomic reforms, as measures expected to help deliver the benefits of economic stability to Nigerians.
The CBN official attributed the improvement in macroeconomic conditions partly to stronger coordination between the monetary and fiscal authorities, describing the level of collaboration as unprecedented.
He also credited President Bola Tinubu with allowing the apex bank to focus on its statutory mandate, while noting that the CBN’s reforms were implemented in collaboration with other stakeholders.
The assurance comes amid continued pressure on households and businesses from high living costs, financing expenses and the cumulative impact of economic reforms introduced since 2023.
Also speaking at the conference, President Bola Tinubu, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, acknowledged that improvements in macroeconomic indicators should not be mistaken for prosperity.
Tinubu said, “Stability has returned. Credibility is rising. Prosperity is coming.”
He added that while the improvements were significant, “we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”
The President said the next phase of the government’s reform programme would focus on translating economic stability into investment, production, jobs and improved living standards, with the banking and financial services sector expected to play a major role in financing the real economy.
The President and Chairman of Council of the CIBN, Dr Dele Alabi, said Nigeria had recorded improvements at the macroeconomic level but stressed that the next challenge was ensuring that the gains reached ordinary Nigerians.
Alabi said the gains recorded in macroeconomic fundamentals must be cascaded to households, individuals and businesses, particularly as millions of micro, small and medium-sized enterprises continue to contend with high operating costs, infrastructure constraints and limited access to finance.
Also speaking, the Chairman of the Body of Bank CEOs and Group Managing Director and Chief Executive Officer of United Bank for Africa Plc, Oliver Alawuba, said recent economic indicators suggested that the country was moving in the right direction.
Alawuba cited the 4.43 per cent year-on-year growth in gross domestic product in the second quarter of 2026, easing inflation and strengthening external reserves as signs of improving macroeconomic conditions.
However, he stressed the need for greater fiscal and monetary coordination to preserve the gains and channel more credit to productive sectors.
He said recapitalised banks must increasingly leverage their stronger balance sheets to provide affordable credit to micro, small and medium-sized enterprises, agriculture, manufacturing, infrastructure and export-oriented businesses.
In a keynote address, the World Bank Country Director for Nigeria, Mathew Verghis, represented by the bank’s Senior Private Sector Specialist, Bertine Kamphuis, similarly acknowledged the country’s recent reform gains but said job creation should become the next major test of economic policy.
The World Bank noted that domestic credit to Nigeria’s private sector remained at about 13 per cent of GDP, while MSMEs received only about one per cent of credit despite their significant contribution to employment.
It argued that economic stability should serve as a platform for directing capital towards productive enterprises capable of expanding operations and creating more jobs.