The Central Bank of Nigeria (CBN) has expressed optimism that the gains recorded from the country’s improving macroeconomic conditions will soon be felt by households and businesses as fiscal and monetary reforms continue to take effect.
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, represented by the Deputy Governor of the Economic Policy Directorate, Philip Ikeazor, recognised concerns that progress in key economic indicators had not yet translated into significant improvements in the living conditions of many Nigerians.
He said the apex bank was collaborating with fiscal authorities to ensure that the gains achieved through economic stabilisation eventually benefit individuals and businesses.
“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.
According to him, several measures being introduced by the fiscal authorities are expected to begin yielding results shortly and strengthen the impact of reforms already implemented by the CBN.
“Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man,” he added.
The CBN official linked the improved macroeconomic outlook partly to enhanced cooperation between monetary and fiscal authorities, describing the current level of coordination as unprecedented.
Ikeazor also commended President Bola Tinubu for providing the CBN with the opportunity to concentrate on its statutory responsibilities, noting that the apex bank’s reforms were implemented in collaboration with relevant stakeholders.
The assurance comes at a time when households and businesses continue to face pressure from high living costs, rising financing expenses and the broader effects of economic reforms introduced since 2023.
