Cardoso, Wale Edun Speak on Reforms, Set Inflation, Economic Growth Targets
- Nigeria has announced plans to reduce inflation to single digits, with policies focused on restoring price stability
- The government is also targeting a 7% economic growth and a boost in long-term investment while strengthening social safety nets for vulnerable Nigerians
- The federal government said its reforms have earned global praise, with increasing interest from international investors
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The Central Bank of Nigeria Governor, Olayemi Cardoso, has said that the country is firmly committed to reducing inflation to single digits and strengthening economic stability.
He noted that the ongoing reforms by the present administration have gained international support following meetings with the World Bank Group and the International Monetary Fund.
Source: Twitter
Speaking at a joint press conference with Finance Minister Wale Edun, the apex bank Governor acknowledged inflation remains a major challenge for Nigerians but vowed sustained efforts to restore price stability.
He said:
“We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians.
"Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term."
Cardoso said the Central Bank of Nigeria's (CBN) policy tightening, exchange rate unification, the introduction of an electronic FX matching platform, and a new foreign exchange code have begun to bear fruit.
He cited a recent Fitch Ratings upgrade as evidence that the reforms are succeeding, the Nation reports.
The Governor added that Cardoso highlighted the benefits of the government’s market-driven exchange rate regime, noting that the gap between the official and parallel markets has largely disappeared, restoring confidence and attracting formal capital inflows.
Source: Twitter
Finance Minister shares optimism on economic growth
Also speaking, Finance Minister Wale Edun said the government was targeting 7% economic growth, driven by higher agricultural productivity, infrastructure development, and enhanced access to finance for businesses.
He stated:
"That’s a commitment and target."
Edun said, adding that the administration of President Bola Tinubu aimed to ensure that the most vulnerable Nigerians benefit from the reforms.
"A redesigned social benefit programme tied to the national identity register is underway, with 20 million people currently listed and plans to enroll up to three million more monthly."
Despite global economic uncertainty, Edun said Nigeria was pursuing growth-oriented policies in agriculture, infrastructure, and the oil and gas sectors.
He stressed the importance of fiscal discipline, investment-friendly policies, and greater regional cooperation to ensure sustainable growth.
At the meetings, Nigeria’s delegation held talks with officials from the U.S. State Department, the World Bank, and the IMF, BusinessDay reports.
Discussions focused on U.S. investment interest in Nigeria’s natural gas sector, particularly the Nigeria-Morocco Gas Pipeline, as well as opportunities in digital infrastructure and agriculture.
Edun said Nigeria’s reforms were hailed internationally as “an economic miracle,” with growing global appetite for investments, particularly from the International Finance Corporation (IFC) and other private sector players.
CBN reduces customs exchange rate
Legit.ng previously reported that the CBN has made adjustments to the Customs exchange rate used by importers to clear goods at ports.
The new exchange rate reflects a slight reduction from the previous figure, following the improvement of the naira...
The Customs rate is pegged against the performance of the naira in the official NAFEX window against the dollar..
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Source: Legit.ng
