Lagos, Nigeria — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the Bank’s commitment to securing macroeconomic stability, fortifying the banking sector, and positioning Nigeria as a top investment destination.
During a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, Cardoso highlighted that the recapitalisation exercise for banks is progressing well and will yield more resilient institutions capable of withstanding economic shocks and fostering growth.
Moderated by Andreas Voss, Deutsche Bank Nigeria’s chief country representative, the event provided a platform for Cardoso to address ongoing economic challenges.
He acknowledged that headline inflation remains high but is trending downward due to collective efforts so far, with expectations that the Bank’s tightening policies will continue to stabilize the economy.
Cardoso vowed, “We will vigilantly protect the financial stability we have restored.”
He stressed prioritizing sustained stability while combating inflation, ensuring the financial system can support increased corporate lending and investment.
Addressing concerns over Nigeria’s high lending rates and their effect on investment, Cardoso linked this to inflation and stability. He expressed optimism that interest rates will decrease as inflation eases and market efficiency improves, fostering a conducive environment for corporate lending and investment growth.
The CBN governor explained that the recapitalisation directive, which mandates banks to raise their minimum capital, aims to build robustness to back wider economic activities.
Highlighting fintech ecosystem strengthening and financial inclusion expansion, Cardoso described technology-driven solutions as crucial tools in enhancing access and poverty alleviation.
He also noted closer cooperation with fiscal authorities, including the Ministries of Finance, Trade and Industry, and the Budget Office, as a positive step toward sustaining reforms and ensuring long-term economic stability.
Speaking on Nigeria’s role in the global economy, Cardoso said, “Current geopolitical changes underscore the urgency of getting our own affairs in order. Nigeria is a large, attractive market and gateway to West Africa and the continent, making internal stability vital.”
Eurocham President Yann Gilbert praised the chamber as a vital link between European businesses and Nigerian policymakers.
“Our members are deeply invested in Nigeria,” he said. “Our goal is to invest, create jobs, and forge lasting partnerships. This forum facilitates engagement, dialogue, and solutions that boost confidence and unlock opportunities between Nigeria and Europe.”
By Enoch Odesola | September 8, 2025
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