- CBN Governor Olayemi Cardoso calls for broader engagement with World Bank’s Nigeria Development Update (NDU)
- Cardoso says FX volatility has reduced significantly; inflation expected to ease with continued monetary reforms
- Finance Minister Wale Edun emphasises investment, digital inclusion, and social safety as drivers of economic growth
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has encouraged Nigerians and policymakers to take advantage of critical policy publications such as the World Bank’s Nigeria Development Update (NDU), describing them as valuable tools for informed decision-making.
Cardoso made the call on Monday, May 12, during the launch of the May 2025 edition of the NDU in Abuja, where he emphasised the need for deeper engagement with data-driven reports to shape national discourse and economic policy.
“I think it’s a very useful document, and I really commend the World Bank for putting this together every six months. But I do feel Nigerians, including policymakers, don’t read enough or take full advantage of such useful analysis,” Cardoso stated.
The CBN governor expressed concern over the limited reach of the report, noting that previous editions had garnered only around 1,000 to 2,000 downloads, a figure he described as disappointing given the importance of the insights.
“Even if we don’t agree on everything, the NDU offers a strong foundation to understand the complexities we face,” he added.
CBN reaffirms commitment to stability
Cardoso reiterated the apex bank’s commitment to economic stability, stating that controlling inflation and reducing volatility in the foreign exchange market remain top priorities.
“The volatility in FX rates has significantly reduced—from about 4 percent a year ago to under half a percent now. We aim to remain proactive, managing risks before they spiral,” he further remarked
He acknowledged that while inflation remains high, it is beginning to ease due to the adoption of orthodox monetary policies, which the CBN plans to sustain.
“If we continue on this path, inflation should moderate over time. With that, interest rates will also ease in due course,” Cardoso noted.
Investment crucial to economic expansion — Edun
Also speaking at the event, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the importance of investment in driving Nigeria’s economic growth and achieving President Bola Tinubu’s development targets.
“The key is investment. It’s what drives productivity, creates high-quality jobs, and lifts people out of poverty,” Edun said, adding that the government is aiming for a 7% GDP growth rate.
He pointed to growing interest from investors across multiple sectors, including telecommunications and manufacturing, as signs of “momentum” that will soon reflect in economic data.
Edun also restated the need to sustain reforms while ensuring that social safety nets remain in place. He highlighted ongoing efforts to digitize direct support to vulnerable Nigerians through biometric identification and digital payment systems.
CBN returns to profit, reports N38.8bn surplus in 2024
In an earlier report by TheRadar, the CBN posted a profit of N38.8 billion for the financial year ended December 31, 2024, marking a significant turnaround from a historic N1.15 trillion loss recorded in 2023.
According to the financial statements released by the apex bank, it recorded a profit before tax (PBT) of N44.68 billion in 2024. The CBN’s resurgence in profitability was supported by a notable 33.83 percent growth in total assets, which rose to N117.6 trillion in 2024, up from N87.87 trillion the previous year.
