The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that Nigeria’s economy is strong enough to withstand potential global shocks arising from escalating tensions involving the United States, Israel, and Iran.
Cardoso made the statement while delivering a Distinguished Alumni Lecture during the Founders Day celebration of St Gregory’s College Lagos in Lagos.
He explained that although the global economy is currently facing uncertainties due to geopolitical tensions in the Middle East, Nigeria’s macroeconomic reforms implemented over the past two years have strengthened the country’s economic resilience.
According to him, the reforms have improved Nigeria’s ability to handle possible challenges such as rising energy prices, supply chain disruptions, and increased caution among global investors.
Cardoso also noted that reforms introduced by the Central Bank have made the foreign exchange market more liquid and efficient. He said distortions in the FX market have been removed and the backlog of unmet foreign exchange demand has been cleared, allowing market participants to transact more smoothly without extraordinary interventions from the apex bank.
He further revealed that investor confidence in Nigeria is gradually returning, leading to increased capital inflows. As a result, the country’s external reserves have risen to over $50 billion, the highest level recorded in more than a decade.
Addressing students at the event, Cardoso encouraged young Nigerians to develop digital and technological skills needed in the evolving global economy. He stressed the importance of curiosity, discipline, integrity, and adaptability as essential qualities for leadership and long-term success.
