By Chibuzor Alli
The Central Bank of Nigeria says Nigerians will soon begin to feel the benefits of improving economic stability as fiscal and monetary reforms 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, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, acknowledged that improvements in key economic indicators had yet to translate fully into better living conditions for many households and businesses.
He said the central bank was working with the fiscal authorities to ensure that the gains from economic stabilisation reached households 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.
He said reforms being implemented by the fiscal authorities would complement measures already taken 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.
Ikeazor attributed the improvement in economic 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, saying the reforms implemented by the apex bank were carried out in collaboration with other stakeholders.
The assurance comes as households and businesses continue to face pressure from high living costs, financing expenses and the effects of economic reforms introduced since 2023.
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, said improvements in macroeconomic indicators should not be mistaken for 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.”
He said the next phase of the government’s reform programme would focus on translating economic stability into investment, production, jobs and improved living standards.
The President also said the banking and financial services industry would have an important role in financing the real economy.
CIBN seeks wider impact
The President and Chairman of Council of the CIBN, Dr Dele Alabi, said Nigeria had recorded progress at the macroeconomic level but needed to ensure that the gains reached ordinary citizens.
“While significant milestones have been achieved in the country at the macro level, we have not yet reached our final destination,” Alabi 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.”
Alabi said the next phase of reforms should translate economic stability into stronger business balance sheets and healthier household budgets.
He noted that millions of micro, small and medium-sized enterprises continued to face high operating costs, infrastructure constraints and limited access to finance.
Banks urged to expand productive lending
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.
He cited 4.43 per cent year-on-year GDP growth in the second quarter of 2026, easing inflation and stronger external reserves as evidence of improving macroeconomic conditions.
However, Alawuba said greater coordination between fiscal and monetary authorities would be necessary to preserve the gains and direct more credit towards productive sectors.
“These are signposts. They are mileposts. They are not the destination,” Alawuba said.
He said recapitalised banks should increasingly turn stronger balance sheets into affordable credit for MSMEs, agriculture, manufacturing, infrastructure and exports.
World Bank identifies jobs as next test
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 reform gains were real but argued that job creation should become the next major test of economic policy.
The World Bank said 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 importance to employment.
It said economic stability should provide a platform for directing more capital towards productive businesses capable of expanding operations and creating jobs.
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