Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, says Nigeria’s sustained foreign exchange (FX) reforms and transparency measures have renewed global investor confidence, boosted external reserves, and repositioned the economy for long-term growth.
Speaking on Friday at the inaugural CBN Governor’s Lecture at the Lagos Business School, Cardoso said consistent policies and credibility were key in restoring market trust. He noted that clearing inherited FX backlogs was a turning point that reassured investors of the Bank’s commitment to reforms.
“If we expect people to continue to trust and invest in our economy, you’ve got to keep your promises. That particular action contributed in no small way to the rise in foreign exchange reserves we have been able to accomplish,” Cardoso stated.
He also highlighted the introduction of the B-Matching electronic trading system, which he described as a “game-changer” for transparency in the FX market. “In the past, some had access to certain information while others didn’t. Now, with the B-Matching system, that gap has been significantly reduced. The market has almost become a perfect market, and this openness builds the trust investors require when coming into our economy,” he said.
Cardoso stressed that consistent messaging, discipline, and non-compromise on the Bank’s mandate have placed Nigeria on stronger footing. “Two years later, consistent messaging, consistent policies, doing all the right things, not compromising in your mandate, has taken us to a good place,” he said.
The CBN governor added that international ratings agencies, multilateral institutions, and global investment firms such as BlackRock were showing renewed interest in Nigeria. “We have seen an incredible increase in appetite for Nigeria. Many who were watching from the sidelines are now saying, ‘This is the time to get in.’ In one word, the future for Nigeria is bright,” he declared.
He underscored that “next-generation leadership” in monetary policy must be built on credibility, innovation, and inclusiveness, warning that credibility once lost is difficult to regain. “Stability is not an end in itself, but the foundation on which we must build growth, inclusion, and renewal,” Cardoso added.
At the lecture, renowned global investor and Chairman of Global Infrastructure Partners, Adebayo Ogunlesi, also described Nigeria as an increasingly attractive investment destination following Tinubu’s reforms. He cited progress in subsidy removal, tax reform, and infrastructure as signals of “a fundamental transformation in Nigeria’s economy.”
“Nigeria is now a place that is exciting to invest in,” Ogunlesi said after meeting with President Tinubu. He disclosed that his company was considering investments in Nigerian ports, aviation, and renewable energy. “I confessed to Mr. President that one of our companies has ports in Cotonou and Lomé, none in Nigeria. He forgave me, but said you have to bring port investment to Nigeria. So that’s another area we’re looking at,” Ogunlesi said.
Similarly, investor Hakeem Bello-Osagie and FIRS Chairman Zacch Adedeji credited Tinubu’s administration with creating a more investible environment, urging Nigerians at home and abroad to lead by example in driving investments. “Hope is on the rise,” Adedeji said.
Meanwhile, analysts welcomed the CBN’s plan to assume full control of the Nigerian Fixed Income Market from November 2025. The reform, they said, will strengthen transparency, enhance monetary policy transmission, and restore regulatory clarity by streamlining sovereign debt oversight under the apex bank.
“This could be a pivotal moment for Nigeria’s debt market,” said Jimi Ogbobine, Head of Consulting at Agusto Consulting. “It will push FMDQ to focus more on non-sovereign instruments such as green bonds, sub-national and corporate debt, thereby deepening market activity.”
Analysts from CFG Advisory and several banks agreed that the reform aligns with CBN’s broader macroeconomic goals of price stability and liquidity management.
