The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving economic indicators will soon begin to reach households and businesses as ongoing fiscal and monetary reforms take effect.
The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.
Cardoso, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, acknowledged concerns that improvements in key economic indicators had yet to translate fully into better living conditions for many Nigerians.
He, however, said the apex bank was working closely with the fiscal authorities to ensure that the gains from economic stabilisation eventually translate into tangible improvements at the household and business levels.
“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,” Ikeazor said.
Fiscal Reforms to Complement CBN Measures
According to Ikeazor, reforms being implemented by the fiscal authorities are expected to begin producing results soon and complement the monetary measures already introduced by the CBN.
“Some of the reforms being carried out on the fiscal side will begin to manifest very soon,” he said.
He cited initiatives such as the National Single Window, alongside other ongoing fiscal measures, as reforms expected to help translate macroeconomic improvements into benefits for ordinary Nigerians.
Ikeazor attributed the improvement in the country’s macroeconomic conditions partly to stronger coordination between the monetary and fiscal authorities, describing the level of collaboration as unprecedented.
He also credited President Bola Tinubu with allowing the CBN to focus on its statutory mandate, while noting that the bank’s reforms were being implemented in collaboration with other stakeholders.
Tinubu: Stability Is Not Prosperity
President Bola Tinubu, represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also acknowledged the progress recorded in the economy.
However, he cautioned against equating macroeconomic stability with prosperity.
“Stability has returned. Credibility is rising. Prosperity is coming,” Tinubu said.
“These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”
The President said the next phase of the government’s reform programme would focus on converting economic stability into increased investment, production, job creation and improved living standards.
He added that the banking and financial services industry would have a major role to play in financing the real economy and supporting businesses.
CIBN Seeks Benefits for Households, Businesses
Speaking at the conference, the President and Chairman of Council of the Chartered Institute of Bankers of Nigeria, Dr Dele Alabi, said the country had recorded significant improvements at the macroeconomic level but had yet to reach its desired destination.
Alabi stressed the need to ensure that the gains from the reforms were felt by ordinary Nigerians.
“While significant milestones have been achieved in the country at the macro level, we have not yet reached our final destination,” he said.
“It is imperative for the gains made in terms of macroeconomic fundamentals to be cascaded to the micro level — the households, the individuals and businesses.”
He said the next phase of reforms should move economic stability from national balance sheets to business balance sheets and household budgets.
According to him, millions of micro, small and medium-sized enterprises continue to face high operating costs, infrastructure challenges and limited access to finance.
Banks Urged to Increase Lending
Also speaking, the Chairman of the Body of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc, Oliver Alawuba, said recent economic indicators suggested that Nigeria was moving in the right direction.
Alawuba cited the 4.43 per cent year-on-year growth recorded in the country’s Gross Domestic Product in the second quarter of 2026, easing inflation and stronger external reserves as signs of improving macroeconomic conditions.
However, he said greater coordination between fiscal and monetary authorities would remain necessary to sustain the gains and channel more credit into productive sectors.
“These are signposts. They are mileposts. They are not the destination,” Alawuba said.
He urged recapitalised banks to increasingly deploy their stronger balance sheets to provide affordable credit to micro, small and medium-sized enterprises, agriculture, manufacturing, infrastructure and export-oriented businesses.
World Bank Highlights Job Creation
In a keynote address, the World Bank Country Director for Nigeria, Mathew Verghis, represented by the bank’s Senior Private Sector Specialist, Bertine Kamphuis, said Nigeria’s recent economic reforms had produced real gains.
However, the World Bank identified job creation as one of the major tests of the success of the reforms.
The bank noted that domestic credit to Nigeria’s private sector remained at about 13 per cent of GDP, while MSMEs received only about one per cent of credit despite their significant contribution to employment.
It argued that economic stability should provide a platform for directing more capital towards productive enterprises capable of expanding operations and creating jobs.
The conference therefore underscored the need for Nigeria to move beyond macroeconomic stability and ensure that reforms translate into increased investment, affordable credit, job opportunities and improved living standards for households and businesses.
