The Central Bank of Nigeria has assured Nigerians that improvements in the country’s macroeconomic indicators will eventually translate into better conditions for households and businesses as fiscal and monetary reforms take effect.
CBN Governor Olayemi Cardoso gave the assurance on Tuesday during the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.
Represented by the Deputy Governor of the Economic Policy Directorate, Philip Ikeazor, Cardoso acknowledged concerns that recent improvements in key economic indicators had yet to significantly improve living conditions for many Nigerians.
Ikeazor said closer coordination between monetary and fiscal authorities was helping to stabilise the economy and that the benefits of the reforms would gradually reach households and businesses.
He pointed to initiatives such as the National Single Window and other fiscal reforms, saying their impact would become more visible as the measures take effect.
President Bola Tinubu, represented at the conference by Finance Minister Taiwo Oyedele, also acknowledged the gap between economic stability and improved living standards. He said stability should serve as the foundation for investment, production, job creation and greater prosperity.
CIBN President and Chairman of Council, Dele Alabi, similarly urged policymakers to ensure that improvements at the macroeconomic level translate into benefits for individuals and businesses, particularly small and medium-sized enterprises facing high operating costs and limited access to finance.
UBA Group Managing Director Oliver Alawuba said recent indicators, including second-quarter GDP growth, easing inflation and stronger external reserves, showed that the economy was moving in the right direction. However, he called for stronger fiscal and monetary coordination and increased lending to productive sectors.
The World Bank also said Nigeria’s recent reform gains were significant but argued that job creation should become the next major test of economic policy. It noted that domestic credit to the private sector remained low, with MSMEs receiving only a small share despite their importance to employment.
