The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has restated the apex bank’s focus on driving macroeconomic stability, strengthening the banking sector, and positioning Nigeria as a leading investment destination.
Speaking at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, September 6, 2025, Cardoso said the ongoing recapitalisation exercise for banks was progressing well and would result in “even stronger institutions that can withstand shocks and finance growth.”
“We will protect the stability that has been re-established in the financial system with the utmost zeal,” Cardoso said during the fireside chat moderated by Andreas Voss, Chief Country Representative of Deutsche Bank Nigeria. “Our primary objective is to maintain that stability while simultaneously addressing inflation and ensuring that the financial system is sufficiently resilient to facilitate corporate lending and investment.”
Cardoso acknowledged that inflation levels remained high but noted that they were already on a downward trajectory.
“Headline inflation is currently elevated; however, it is decreasing as a consequence of collective efforts. It is anticipated that the advantages of the Bank’s tightening posture will persist,” he said.
On concerns about high lending rates, Cardoso expressed optimism that rates could fall as economic fundamentals improve:
“There is a substantial potential for interest rates to decrease in the future as inflation continues to decline and as markets become more efficient in allocating capital. That is the environment in which stronger corporate lending and higher levels of investment will naturally follow.”
Cardoso emphasised that the CBN’s recapitalisation directive, which mandates higher minimum capital requirements for banks, was designed to make the financial system more resilient and capable of funding a broader range of economic activities.
He also stressed the role of technology-driven solutions and financial inclusion initiatives:
“It is imperative that we deepen access and address poverty while fortifying the fintech ecosystem. Increased collaboration with fiscal authorities – including the Ministry of Finance, the Ministry of Trade and Industry, and the Budget Office – is essential to maintain reforms and achieve long-term stability.”
Cardoso underscored Nigeria’s significance as a gateway to West Africa:
“The urgency of addressing our own affairs is underscored by the ongoing geopolitical changes. Nigeria is a market that is both large and appealing in its own right, and it is also situated at the entrance to the broader continent and West Africa. This underscores the importance of maintaining stability at home.”
In his remarks, Eurocham Nigeria President Yann Gilbert described the chamber as a bridge between European businesses and Nigerian policymakers:
“Our members are profoundly dedicated to this nation. We aspire to establish enduring partnerships, generate employment opportunities, and invest. The purpose of this forum is to foster engagement, dialogue, and solutions that enhance confidence and unleash opportunities between Nigeria and Europe.”
