Cardoso Assures Nigerians As CBN Says Macroeconomic Gains Will Soon Reach Households, MSMEs
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has assured Nigerians that the improving macroeconomic indicators recorded by the country will soon translate into tangible benefits for households and small businesses.
Cardoso gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria, CIBN, held in Abuja. He was represented by the Deputy Governor in charge of Economic Policy, Philip Ikeazor.
Acknowledging that many Nigerians are yet to feel the impact of the reforms, Ikeazor said: “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.”
He attributed the improved macro conditions to unprecedented coordination between monetary and fiscal authorities, and credited President Bola Tinubu for allowing the apex bank to focus on its statutory mandate. He said fiscal reforms such as the National Single Window and other initiatives will soon begin to manifest and complement CBN measures.
President Tinubu, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, admitted that stability should not be confused with prosperity.
“Stability has returned. Credibility is rising. Prosperity is coming. These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination,” Tinubu said, adding that the next phase will focus on converting stability into investment, production and jobs.
Also speaking, CIBN President and Chairman of Council, Dr Dele Alabi, said while milestones have been achieved at macro level, it is imperative for the gains to be cascaded to micro level – households and businesses. He said millions of MSMEs still struggle with high operating costs and limited access to finance.
The Chairman of Body of Bank CEOs and GMD of UBA, Oliver Alawuba, cited 4.43% GDP growth in Q2 2026, easing inflation and stronger external reserves as signposts that the economy is moving in the right direction, but said they are “mileposts, not the destination.”
In a keynote, World Bank Country Director for Nigeria, Mathew Verghis, represented by Senior Private Sector Specialist, Bertine Kamphuis, warned that domestic credit to private sector remains at 13% of GDP while MSMEs receive only about 1% of credit. The Bank said job creation should be the next major test of economic policy.
