As Nigerians await the National Assembly’s passage of the 2025 budget to have better knowledge of President Bola Tinubu’s administration focus for the year, the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has disclosed that the apex bank economic policies would be focusing on stabilizing price of goods across the country.
Cardoso added that the two other pillars the bank would concentrate on during the year were ensuring the country has a resilient financial system and strengthening the economy to aid inclusive growth.
The CBN governor noted that by concentrating on these three pillars, the apex bank aimed to develop the country’s economy to attain the $1 trillion standard.
To achieve this, he stated that the apex bank would build on the previous year’s gains with the implementation of sound monetary policies that safeguard the economy and restore Nigerians’ belief in the country overcoming its challenges including price stability.
Cardoso, who disclosed this on Thursday in a series of messages on his official social media handle, stressed that advancing initiatives that drive prosperity for all remains the plan for 2025.
He said: “With 2025 underway, I am proud to reaffirm the Central Bank of Nigeria’s unwavering commitment to building a resilient and prosperous economy. Our focus remains steadfast on three key pillars: price stability, financial system resilience and inclusive growth
“This year, the CBN will build on this momentum, implementing sound monetary policies to safeguard our economic future, strengthening regulatory frameworks to inspire stability and confidence, and advancing initiatives that drive prosperity for all.
“The CBN is committed to driving sustainable and inclusive growth to support Nigeria’s aspiration of achieving a $1 trillion economy.
“Our vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation”.
Reflecting on the past achievements that resulted in the expansion of the country’s foreign reserve to over $40 billion, he noted that the gains were the foundations for the bigger achievements that could be recorded in 2025.
“The past year, 2024, was a defining period of transformation marked by bold decisions, collective resilience, and measurable progress. Leading up to the appointment of the new leadership, Nigeria faced unprecedented challenges, including rapidly accelerating inflation multiple exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that undermined market confidence. In the face of these obstacles, the CBN implemented reforms that stabilized our macroeconomic environment and restored trust.
“By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges.
“These efforts included decisive action: clearing the verified FX commitments, which amounted to $7 billion, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.
“Furthermore, we introduced innovative policies and reforms across a range of areas: from the FX market and remittances to financial inclusion, diaspora engagement, compliance, private sector growth and more.
“We also prioritized increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors.
As a result of these policies and reforms, foreign capital imported into the country rose by over $6b in 2024 and Nigeria’s external reserves have risen to over $40 billion reflecting the growing confidence in our economy”.
