The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the economic reforms implemented by the government have helped Nigeria withstand global economic pressures that could otherwise have had more severe consequences for citizens.
Cardoso made the remarks while explaining how economic policies affect ordinary Nigerians, highlighting the importance of reducing inflation, maintaining strong external reserves and stabilising the exchange rate.
He described inflation as one of the biggest burdens on poor people, stressing that bringing it down would benefit Nigerians across different income levels.
“Arguably the most vicious tax you have on the poor is inflation. It is inflation. And being able to bring down inflation obviously affects the ordinary person. It affects everybody,” he said.
The CBN governor also pointed to Nigeria’s external reserves, which he described as the highest in 18 years, saying they had helped the country withstand global economic headwinds, including the impact of war and discussions around tariffs.
According to him, the reforms were introduced early enough to help Nigeria navigate these pressures, while the naira had remained stable and even appreciated.
“So I think it’s a misnomer to say, well, what does this mean for me? I’m not feeling it. You do. You feel it, definitely feel it. If it wasn’t there, then you would feel it in a very negative way,” Cardoso said.
He urged Nigerians to help explain the benefits of the country’s economic policies, arguing that positive developments were often overlooked.
“I think Nigerians tend to perhaps be their worst enemies. The good things that we see, we want to trash away. It’s the bad things that we want to push out,” he added.
Cardoso said the stability achieved through the reforms was helping create conditions for investment and economic growth.