Why investors should pick Nigeria for investment – Cardoso
The governor of the Central Bank of Nigeria, Olayemi Cardoso, has explained that the Nigerian government is committed to reforms for sustainable investment and growth in the country.
Cardoso disclosed this at the Nigeria Investors Forum held on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings in Washington D.C. on Wednesday.
The apex bank boss cited improved economic fundamentals and strengthened coordination between CBN and the Ministry of Finance, which he said have ensured alignment, stability and clarity for investors.
Cardoso is optimistic about Nigeria’s economic prospects and development.
“The CBN Governor highlighted the country’s robust economic fundamentals, citing the $43.4 billion in external reserves, the highest level in five years. The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors,” a statement from Ministry of Finance spokesperson, Mohammed Manga, said.
Cardoso expressed optimism about Nigeria’s economic prospects, emphasising the government’s commitment to strengthening the economy and promoting sustainable growth.
Also, the CBN Deputy Governor, Mohammed Abdullahi, elaborated on the significant improvements in foreign exchange inflows, with monthly turnover in the forex market rising by 56.4 per cent to $8.6 billion in 2025.
According to him, over the last two years, Nigeria has focused a lot on improving FX flows into the economy, and we’ve seen a significant jump.
He noted that average net flows between January 2023 and July have doubled.
The Special Adviser to the President on Finance and the Economy, Sanyade Okoli, reiterated the Federal Government’s commitment to achieving 7 per cent economic growth by 2027-2028 through diversification and investment in infrastructure.
She said Nigeria’s target is 7 per cent by 2027-2028. “When the IMF increased its forecast a week later, for 2025 we were forecasting 4 per cent growth, rising to around 5 per cent next year.”
She added that in Q2, 13 per cent of sectors grew above 7 per cent.
“Our dependence on oil for total exports has reduced to about 57.5 percent in the first half of this year compared to last year, and oil now accounts for about 4 percent of GDP, down from 8% in 2021,” Okoli noted.
Earlier, DAILY POST reported that Cardoso is leading Nigeria’s delegation to the World Bank and IMF meeting due to the health situation of the Minister of Finance, Wale Edun.