The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving macroeconomic stability will soon be felt by households and businesses as ongoing fiscal and monetary reforms begin to yield results.
The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.
Cardoso, who was represented by the Deputy Governor in charge of the Economic Policy Directorate, Philip Ikeazor, acknowledged concerns that improvements in key economic indicators had yet to translate into significant relief for many Nigerians.
He said the apex bank was working closely with fiscal authorities to ensure that gains from the stabilisation of the economy eventually translate into improved conditions for households and businesses.
“I can assure you, all watchers of the economy have acknowledged the macroeconomic stability we have today. But the question that remains on everyone’s mind is, when will the common man feel the full benefits? That is on its way because of this same collaboration that I’m talking about,” Ikeazor said.
According to him, several fiscal reforms are expected to begin producing tangible results soon and complement measures already implemented by the CBN.
“Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man,” he added.
Ikeazor attributed the improvement in the country’s macroeconomic conditions partly to stronger coordination between the monetary and fiscal authorities, describing the level of collaboration as unprecedented.
He also credited President Bola Tinubu with providing the CBN the latitude to focus on its statutory mandate, noting that the bank’s reforms had been implemented in collaboration with other stakeholders.
The assurance comes amid continued pressure on households and businesses from high living costs, elevated financing expenses and the cumulative impact of economic reforms introduced since 2023.
President Bola Tinubu, who was represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also cautioned against equating macroeconomic stability with prosperity.
“Stability has returned. Credibility is rising. Prosperity is coming,” Tinubu said.
“These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”
The President said the next phase of the administration’s reform programme would focus on translating economic stability into increased investment, production, job creation and improved living standards.
He added that the banking and financial services sector would have a critical role to play in financing the real economy and supporting sustainable growth.
Also speaking at the conference, the President and Chairman of Council of the CIBN, Dr Dele Alabi, acknowledged the progress recorded at the macroeconomic level but stressed that the ultimate test would be whether the benefits reached ordinary Nigerians.
“While significant milestones have been achieved in the country at the macro level, we have not yet reached our final destination,” Alabi said.
