The Central Bank of Nigeria Governor, Mr Yemi Cardoso, has emphasized that Nigeria does not need to persuade investors to invest if the nation maintains strong macroeconomic fundamentals.
Speaking at the bank’s 2025 Executive Seminar, Cardoso said stability and predictability are crucial to attracting capital to Africa’s largest economy.
“Stability is at the core of advancing Nigeria’s policy framework through inflation targeting,” he said. “A credible inflation targeting regime enhances predictability, anchors long-term investments, and encourages investors to come naturally. You don’t need to beg anyone to invest.”
The CBN governor also stressed transparency in his administration, noting that no one needs personal connections within the bank to get things done. He emphasized that the era of requiring personal access to top officials for approvals has ended at Nigeria’s central bank.
“The era where people had to see the governor or directors for approvals is over,” Cardoso stated. His remarks signal a shift toward institutional processes rather than personal relationships in the conduct of central bank business.
Cardoso further warned against returning to heavy reliance on Ways and Means borrowing from the CBN. Ways and Means is a mechanism that allows the Nigerian government to borrow directly from the central bank to finance budget deficits, though excessive use has historically fueled inflation in the West African nation.
“The frightening Ways and Means to GDP ratios should never recur. We must protect the stability achieved over the past two and a half years,” he said, highlighting the importance of consolidating reforms to reinvigorate capital flows, safeguard financial markets, and strengthen investor confidence. The CBN governor has been implementing reforms since assuming office in 2023 to stabilize Nigeria’s foreign exchange market and curb inflation.
He urged all stakeholders to take ownership of sustaining reform momentum, saying each person must play their part to positively influence policy outcomes for the benefit of all Nigerians. His call reflects the need for coordinated efforts across government agencies and the private sector.
In her address, Nigeria’s Minister of State for Finance, Dr Doris Uzoka-Anite, praised the collaboration between fiscal and monetary authorities and emphasized reducing energy costs and streamlining business registration to boost productivity. She outlined government efforts to improve the business environment in Nigeria.
“We aim to improve Nigeria’s competitiveness through lower energy costs, faster business registration, and efficient government engagement,” Uzoka-Anite stated. Her remarks addressed persistent complaints from businesses about high operational costs and bureaucratic bottlenecks in Nigeria.
Uzoka-Anite noted that Nigeria faces structural, not cyclical, economic challenges, requiring integrated monetary and fiscal measures. She highlighted the co-creation of the Dis-Inflation and Growth Acceleration Strategy by the Ministry of Finance and CBN, describing it as a blueprint to reposition the economy toward stability, productivity, and competitiveness.
“DGAS provides a comprehensive framework to ensure non-inflationary growth and structural transformation, ensuring Nigeria remains attractive for investors,” she said. The strategy represents a coordinated approach between Nigeria’s fiscal and monetary authorities to address inflation while promoting economic growth.
The Central Bank of Nigeria, established in 1958, serves as Nigeria’s apex financial institution responsible for monetary policy, currency issuance, and financial system stability. Governor Yemi Cardoso assumed leadership of the institution in September 2023, succeeding Godwin Emefiele.
