The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that Nigeria’s foreign reserves have surpassed $38 billion, offering nearly ten months of import cover.
Mr. Cardoso made the announcement at the conclusion of the 2025 IMF/World Bank Spring Meetings in Washington, D.C., U.S.A., where he delivered a strong message of progress, stability, and reform during the Nigerian press briefing.
“Our foreign reserves now exceed $38 billion, providing nearly ten months of import cover. Additionally, Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, the strongest in many years, driven by increasing exports and renewed capital inflows,” he stated.
Investor Sentiment
The CBN Governor also shared that feedback from global investors and the Nigerian diaspora has been overwhelmingly positive, reflecting growing confidence in Nigeria’s economic direction.
“Nigeria is increasingly recognised as a rising economic force, admired for the resolve shown in implementing difficult but necessary reforms,” he added.
Banking Sector and Inflation
On the state of the banking sector, Mr. Cardoso noted that recapitalisation efforts are progressing with strong momentum and alignment from stakeholders. He assured that the CBN is committed to ensuring that Nigerian banks are fully equipped to support the real economy with greater scale, stability, and capacity.
Addressing inflation, which he acknowledged remains the most disruptive force to Nigeria’s economic welfare, the CBN Governor reaffirmed the central bank’s commitment to reducing inflation to single digits in a sustainable manner over the medium term.
“Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner. Our goal is to restore price stability, protect household purchasing power, and lay the foundation for long-term investment,” Mr. Cardoso emphasised.
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Strategic Discussions at IMF-World Bank Spring Meetings
The IMF-World Bank Spring Meetings (held from 21-26 April 2025) served as a strategic platform for discussions and partnerships that aim to unlock Nigeria’s growth potential and shape the country’s economic trajectory.
The Nigerian delegation to the meetings was led by the Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, and included key officials such as:
- Mr. Olayemi Cardoso, Governor of the CBN
- Mr. Muhammad Sani Abdullahi, Deputy Governor, CBN Economic Policy Directorate
- Senator Mohammed Sani Musa, Chairman, Senate Committee on Finance
- Hon. Saidu Musa Abdullahi, Deputy Chairman, House Committee on Finance
- Mrs. Lydia Shehu Jafiya, Permanent Secretary, Federal Ministry of Finance
- Mr. Faruk Yusuf Yabo, Permanent Secretary, Federal Ministry of Communications, Innovation, and Digital Economy
- Ms. Patience Oniha, Director-General, Debt Management Office (DMO)
- Mrs. Sayande Okoli, Special Adviser to the President on Finance and Economy, along with other senior government officials.
