The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has restated the Bank’s commitment to sustaining macroeconomic stability, strengthening the banking sector, and positioning Nigeria as a leading investment destination.
Speaking at a fireside chat moderated by Andreas Voss, Chief Country Representative of Deutsche Bank Nigeria, during the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos, Cardoso noted that the ongoing bank recapitalisation exercise is “making good progress.” He stressed that the move would produce stronger institutions capable of withstanding shocks and financing economic growth.
According to him, recent reforms and naira stabilisation efforts have boosted investor confidence, as acknowledged by EU Chamber members. He pointed out that although headline inflation remains high, it has begun to decline due to concerted policy actions, with the benefits of the Bank’s tightening stance expected to persist.
“We will protect the stability that has been re-established in the financial system with the utmost zeal,” Cardoso said. “Our priority is to maintain that stability while tackling inflation and ensuring the financial system remains resilient enough to support corporate lending and investment.”
On concerns about high lending rates and their impact on investment, the Governor admitted it was an issue but linked it directly to inflationary pressures. He expressed optimism that interest rates would ease as inflation moderates and capital markets become more efficient, creating a more conducive environment for lending and investment.
Cardoso explained that the recapitalisation directive, which requires banks to increase their minimum capital, is designed to fortify the financial system and enable broader economic support. He also highlighted the role of technology-driven solutions in expanding financial inclusion, tackling poverty, and strengthening the fintech ecosystem.
The Governor further underscored the growing collaboration between the CBN and key fiscal institutions such as the Ministry of Finance, the Ministry of Trade and Industry, and the Budget Office. He described the synergy as critical for sustaining reforms and achieving long-term economic stability.
On Nigeria’s global standing, Cardoso stressed the urgency of strengthening domestic economic fundamentals amid shifting geopolitical realities. He noted Nigeria’s size and strategic location as key advantages, making stability at home vital for regional competitiveness.
In his welcome address, Eurocham President Yann Gilbert described the Chamber as a bridge linking European businesses with Nigerian policymakers. He reaffirmed members’ commitment to investing, creating jobs, and building lasting partnerships. “This forum is about engagement, dialogue, and solutions that build confidence and unlock opportunities between Nigeria and Europe,” Gilbert said.
