The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving macroeconomic indicators will soon filter through to households and businesses as ongoing fiscal and monetary reforms begin to take effect.
The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.
Cardoso, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, acknowledged concerns that improvements in major economic indicators had yet to translate fully into better living conditions for many Nigerians.
He said the monetary authority was working closely with the fiscal authorities to ensure that the gains from stabilising the economy eventually translate into improvements at the household and business levels.
“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.
According to him, some reforms being implemented by the fiscal authorities are expected to begin producing results soon and complement the measures already taken by the apex 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,” he added.
The CBN official attributed the improvement in macroeconomic conditions partly to stronger coordination between monetary and fiscal authorities, describing the level of collaboration as unprecedented.
He also credited President Bola Tinubu with allowing the apex bank to focus on its statutory mandate, saying the reforms undertaken by the CBN were implemented alongside other stakeholders.
The assurance comes amid continued pressure on households and businesses from elevated living costs, financing expenses and the cumulative impact of economic reforms introduced since 2023.
President Bola Tinubu, represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also acknowledged that improvements in macroeconomic indicators should not be confused 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.”
He said the next phase of the government’s reform programme would focus on converting stability into investment, production, jobs and improved living standards, with the banking and financial services industry expected to play a major role in financing the real economy.
