Benefits of Nigeria’s Economic Stability Will Soon Reach Households, CBN Says

Nigeria’s central bank says households and businesses will soon begin to feel the benefits of improved macroeconomic stability, even as many people continue to face high living and financing costs.

Central Bank of Nigeria Governor Olayemi Cardoso gave the assurance at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja. Deputy Governor Philip Ikeazor delivered the remarks on Cardoso’s behalf and acknowledged that improvements in major economic indicators had not yet fully translated into better living conditions for many Nigerians.

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I can assure you, 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.

Ikeazor said the monetary authority was working closely with fiscal authorities so that economic stabilization would eventually bring improvements at household and business level. “I can assure you, 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,” he said.

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Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man.

He said fiscal reforms would soon begin to show results and complement measures already taken by the central bank. “Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man,” Ikeazor said.

Ikeazor described coordination between the monetary and fiscal authorities as unprecedented and credited President Bola Tinubu with allowing the central bank to focus on its statutory mandate. The assurance comes as households and businesses continue to face elevated living costs, expensive financing and the cumulative effects of reforms introduced since 2023.

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Stability has returned. Credibility is rising. Prosperity is coming.

Tinubu, represented at the conference by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, also warned against equating improved indicators with prosperity. “Stability has returned. Credibility is rising. Prosperity is coming,” Tinubu said. “These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”

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These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.