The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured investors of Nigeria's improving macroeconomic environment, highlighting stronger foreign exchange stability and growing investor confidence.
Speaking at an Investors' Forum in Washington D.C. on the sidelines of the IMF/World Bank Annual Meetings, Cardoso revealed that Nigeria's foreign exchange (FX) market turnover has risen to $8.6 billion monthly in 2025, up from an average of $5.5 billion last year.
He also disclosed that the country's gross external reserves now stand at $43.4 billion, providing 11 months of import cover, the highest level in five years.
According to him, the FX market premium, which stood at 52 per cent in 2022, has now dropped to below three per cent — a major outcome of ongoing monetary and fiscal reforms.
The CBN Deputy Governor for Economic Policy, Mohammed Sadi Abdullahi, added that Nigeria's current account surplus reached over $17 billion in 2024 and is projected to exceed $20 billion in 2025, driven by increased oil production, diversified exports, manufacturing recovery, reduced fuel imports, and strong remittance inflows.
He noted that the CBN has been rebuilding reserves, releasing about $13 billion to local and international banks while ensuring steady FX inflows and improved liquidity.
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Meanwhile, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, outlined the government's focus on inclusive growth, job creation, infrastructure investment, and improved access to finance to support productive sectors, especially SMEs.
At the same meetings, Tony Elumelu, Chairman of Heirs Holdings and UBA Group, urged African leaders to mobilise $4 trillion in domestic capital to fund investments in digital infrastructure, power, and innovation.
In a related development, the International Monetary Fund (IMF), in its October 2025 Fiscal Monitor, said Nigeria's fiscal outlook is improving but urged for greater fiscal discipline and stronger revenue mobilisation.
The IMF projected Nigeria's public debt-to-GDP ratio to stabilise around 41% between 2027 and 2030, commending recent reforms in tax administration, expenditure control, and social investment efficiency.
Analysts say the CBN's sustained reforms and the government's fiscal coordination are creating a more predictable environment for SMEs, investors, and exporters, which could help attract new investments into the real economy.
