The Central Bank of Nigeria (CBN) has received a resounding vote of confidence from the world’s most influential financial institutions.
At the Africa Capital Forum, held at The Peninsula London, senior leaders from J.P. Morgan, the International Finance Corporation (IFC), Standard Chartered, and the European Bank for Reconstruction and Development (EBRD) convened to examine the roadmap for Nigeria’s ambitious transition from economic stabilization to massive capital mobilization.
The forum, held alongside the United Kingdom State Visit of His Excellency President Bola Ahmed Tinubu, GCFR, served as a global stage for **CBN Governor Olayemi Cardoso** to articulate a vision of a “new” Nigerian financial system—one built on the pillars of transparency, liquidity, and institutional integrity.
A Departure from the Past: “The Old System is Dead”
The centerpiece of the forum was an unflinching assessment by Governor Cardoso of the inherited economic landscape. In a fireside conversation with EBRD President Odile Renaud-Basso, Cardoso did not shy away from the gravity of the challenge, acknowledging that Nigeria has navigated its most severe financial crisis in recent history.
“Inflation at 37%, excessive money supply, and investors fleeing through the window—a lot of that has been managed downwards,” Cardoso noted, pointing to 11 consecutive months of disinflation as proof of the efficacy of the CBN’s orthodox monetary policies.
His most striking declaration—The financial system we had is dead and buried”**—resonated through the hall. He replaced the old narrative of opacity with a new reality: a system that has restored transparency and brought liquidity back to the foreign exchange markets. This “institutional renaissance” is the bedrock upon which Nigeria’s trillion-dollar economy aspirations now rest.
Global Validation: London as the Gateway
The choice of London as the venue was strategic. Jonny Baxter, British Deputy High Commissioner in Lagos, reminded the forum that the UK accounts for nearly half of all capital inflows into Nigeria. This historical and financial bridge is now being reinforced by the CBN’s reforms.
The EBRD, which recently welcomed Nigeria as its 77th shareholder, offered a powerful endorsement. President Odile Renaud-Basso praised the “open, transparent, and predictable” nature of the current regime. This sentiment was echoed by Ravi Bhatia, Director at S&P Global Ratings, who delivered a concise but potent message to the markets: **“We put Nigeria on positive, and we are positive.”**
The Recapitalization Catalyst: Strengthening the “Ambassadors”
A significant portion of the forum focused on the ongoing recapitalization of the Nigerian banking sector. Governor Cardoso described the nation’s banks as “ambassadors” of Nigeria’s international reach.
Leading CEOs from the sector—including
Roosevelt Ogbonna (Access Bank), Oliver Alawuba (UBA), Segun Alebiosu (First Bank), and Yemisi Edun (FCMB)**—shared a unified perspective: the CBN’s reform architecture is not just a regulatory hurdle, but a growth catalyst.
Access Bank’s Ogbonna ijiutomi of British International Investment (BII)** urged a focus on “patient capital” that creates jobs and builds infrastructure, while calling for the deeper involvement of domestic pension funds to sustain growth.
Phillip Ikeazor, CBN Deputy Governor for Financial System Stability**, provided the ultimate assurance to investors: the reforms are designed to be “administration-proof.” By engaging a wide cross-section of stakeholders, the CBN has built a structural framework that ensures the path of transparency and stability remains irreversible.
The Digital Frontier and Diaspora Flows
The forum also explored the role of technology in democratizing investment. **Temi Popoola, Group CEO of the Nigerian Exchange Group (NGX)**, described the current era as a “massive inflection point” where digital infrastructure is enabling unprecedented market participation. This tech-driven inclusion, supported by fintech pioneers like **PiggyVest’s Odunayo Eweniyi**, is viewed as essential for tapping into the massive pool of diaspora capital.
Conclusion: “Follow the Data”
As the forum concluded, the message to the global investment community was clear: Nigeria is no longer a market defined by opacity or the “African premium” of risk. It is a market defined by data and institutional discipline.
**Usman Okpanachi, Director of Statistics at the CBN**, distilled the day’s deliberations into a single directive: “The message from the CBN is: follow the data.”
With foreign reserves climbing above $50 billion and a unified exchange rate system taking hold, the Africa Capital Forum confirmed that the Central Bank of Nigeria has not only stabilized the ship but is now charting a course toward a trillion-dollar horizon backed by the world’s most powerful financial institutions.
About The Africa Capital Forum
The Africa Capital Forum is an independent institutional convening platform dedicated to advancing strategic dialogue on capital mobilisation and financial system development. It serves as a bridge between global institutional investors and Africa’s most promising economic opportunities.
