The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria’s economy is now showing signs of stability. He spoke about this at a press conference held after the CBN’s 300th Monetary Policy Committee meeting on Tuesday.
According to him, investors have shown more trust in Nigeria’s economy over the past 18 months. This improved confidence is a sign that things are getting better.
When asked how the better economy is affecting everyday Nigerians, Cardoso explained that investors usually avoid countries with unstable economies. He said they invest where they can make a profit. Once there’s stability, it creates confidence, which attracts investments and helps the economy grow.
However, he also admitted that the economy is not fully stable yet. He pointed out that Nigeria’s inflation rate is still high, which shows that there are still challenges to be fixed.
In a related update, the World Bank reported that Nigeria’s economy grew by 3.4 percent in 2024. This is seen as a positive sign that the country is on the right path.
