Central Bank Governor Olayemi Cardoso says the country’s financial-sector overhaul is already shoring up the real economy, with bank recapitalisation, lower inflation, and a calmer foreign-exchange market leading the charge.
Speaking at St Gregory’s College Founders’ Day in Lagos, Cardoso told students and alumni that solid institutions and disciplined policies—not quick fixes—keep economies growing. His lecture, titled “Strong Foundations: From the Classroom to the Capital Base,” argued that the same qualities that build strong individuals—discipline, integrity, curiosity—also build strong banks and resilient economies.
Nigeria, he admitted, has been through a rough patch: macro imbalances, volatile exchange rates and soaring prices. Fixing that needed tight monetary policy and the slow work of rebuilding trust.
The 2024 bank recapitalisation push was designed so lenders can finance the country’s long-term transformation without wobbling. So far, 33 banks have raised fresh capital and 30 have already hit the new minimum for their licence category; the rest are simply clearing final regulatory checks, Cardoso said.
He also flagged the glide in inflation—from about 34% at its worst to roughly 15% today—after the Bank returned to more orthodox monetary settings. Currency reforms have squeezed the gap between the official and parallel naira rates: the premium that hit 50% in 2022 is now below 2%. External reserves have climbed above $50 billion, and both portfolio and direct investment picked up sharply between 2023 and 2025.
Looking forward, Cardoso tipped fintech as the next inclusion driver, calling Nigeria home to one of the world’s most dynamic tech-led financial ecosystems. He urged students to stack skills across disciplines, warning that tomorrow’s careers will reward people who can blend technology, critical thinking and domain know-how.
