CBN: Strategic reforms have laid foundation for long-term economic growth

Nigeria's Central Bank (CBN) asserts that its strategic economic reforms, implemented over the last 34 months, have successfully laid a robust foundation for sustainable economic growth, financial stability, and inclusive development. The apex bank highlighted that these measures are actively contributing to improved macroeconomic conditions, increased employment opportunities, and poverty reduction efforts nationwide.

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its strategic economic reforms implemented over the past 34 months have laid a strong foundation for sustainable economic growth, financial stability and inclusive development.

During the CBN Fair in Bauchi, themed "Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development," Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, explained that the reforms were designed to reposition the economy for long-term expansion. She detailed key interventions such as market unification, banking sector recapitalization, digital infrastructure development, liquidity management, benchmark standardization, and the adoption of future-focused monetary policies. Governor Olayemi Cardoso's leadership is committed to the CBN's statutory mandate of maintaining monetary and price stability while supporting economic development.

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the reforms were designed to reposition the economy for long-term expansion.

The Bauchi Branch Controller of the CBN, Mr. Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, elaborated on the bank's 2024–2028 strategy. This plan prioritizes deepening financial inclusion and broadening access to formal financial services. The framework aims to empower small and large businesses by facilitating their access to financial support, thereby enhancing productivity and their contribution to Nigeria's Gross Domestic Product (GDP).

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the bank’s 2024–2028 strategy was focused on deepening financial inclusion and expanding access to formal financial services.

CBN officials also used the fair to urge the public to verify information from credible sources and adhere to regulations concerning the use of the naira and other currency-related policies. The Bauchi event is part of a national sensitization program by the CBN to engage stakeholders on its policies and initiatives, with similar forums recently held in major commercial centers across the country.

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empowering small businesses and corporate organisations to access financial support, thereby boosting productivity and increasing their contribution to Nigeria’s Gross Domestic Product (GDP).