Macroeconomic gains will soon benefit households – CBN

Nigeria’s central bank says the country’s improving economic indicators will soon begin to show up in the daily lives of households and businesses, even as many Nigerians continue to face high living and financing costs.

Central Bank Governor Olayemi Cardoso delivered the assurance through Deputy Governor Philip Ikeazor at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja. Ikeazor acknowledged the central concern surrounding the reforms: macroeconomic stability has improved, but the change has not yet fully reached ordinary people.

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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.

“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.

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

He attributed the improvement partly to stronger coordination between monetary and fiscal authorities, describing the level of cooperation as unprecedented. He said fiscal measures, including the National Single Window and other initiatives, would complement steps already taken by the CBN and begin producing results soon.

President Bola Tinubu, represented at the conference by Finance Minister Taiwo Oyedele, also drew a line between stability and 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.” The government’s next phase, he said, would focus on turning stability into investment, production, jobs and better living conditions.

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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.