The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has assured Nigerians that the gains from the country’s improving macroeconomic stability will soon translate into tangible benefits for households and businesses.
Cardoso gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, where he acknowledged concerns that improved economic indicators had yet to translate fully into better living conditions for millions of Nigerians.
Represented by the CBN Deputy Governor, Economic Policy Directorate, Philip Ikeazor, the governor said stronger coordination between monetary and fiscal authorities was helping to create the conditions for the benefits of ongoing reforms to reach ordinary Nigerians. “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,” he said.
Cardoso attributed the emerging stability partly to what he described as unprecedented collaboration between the monetary and fiscal authorities, while crediting President Bola Tinubu with allowing the apex bank to concentrate on its statutory mandate. He said fiscal measures, including the National Single Window and other ongoing reforms, would complement monetary policy efforts.
However, President Bola Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, warned that economic stability should not be mistaken for prosperity, saying the next phase of reforms must translate stability into investment, production and jobs. “Stability is the foundation. Prosperity is the destination,” Tinubu said.
The President of CIBN, Dr Dele Alabi, said the ultimate test of the reforms was whether improvements at the macroeconomic level could be felt by households and businesses, particularly millions of MSMEs still grappling with high operating costs and limited access to finance.
Similarly, World Bank Country Director for Nigeria, Mathew Verghis, represented by Senior Private Sector Specialist, Bertine Kamphuis, said job creation should become a major test of economic policy, noting that domestic credit to the private sector remained low while MSMEs continued to receive only a small share of available financing.
