The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, says the country has created strong economic buffers and resilience to withstand potential financial shocks.
Cardoso made this known during a media briefing by the G24 on the sidelines of the ongoing International Monetary Fund (IMF)/World Bank Annual Meetings in Washington.
He attributed the improved economic outlook to early policy reforms that helped to stabilize the economy and anchor expectations.
“Nigeria was fortunate because many of the necessary reforms were implemented early. As a result, we created resilience and buffers against potential shocks,” he said.
The CBN Governor also noted a significant improvement in Nigeria’s trade balance, driven by a more competitive currency and stronger domestic production.
“We now have a positive trade surplus expected to be around six per cent of GDP, and we anticipate it will remain in that range,” Cardoso added.
Cardoso stated that Nigeria was undergoing a complete economic restructuring, with policies now encouraging local production and reducing reliance on imports.
He said the country’s new trade dynamics were further supported by currency competitiveness, which has improved Nigeria’s global trade position.
Speaking on the G24’s advocacy, Cardoso commended the leadership of Argentina, which currently chairs the group, for strengthening the voice of emerging economies within the Bretton Woods institutions.
“The G24 has secured a more effective seat at the table, making sure that our voices are heard. That’s a major step forward,” he said.
He expressed optimism that the work being done would be deepened in coming years to secure long-term benefits for developing economies.
