Central Bank of Nigeria Governor discusses economic reforms and China trade ties

Following the IMF and World Bank Annual Meetings in Bangkok, Central Bank of Nigeria Governor Olayemi Cardoso highlighted significant shifts in Nigeria’s economic indicators. He noted that headline inflation declined to 14.63 per cent in September 2026, down from approximately 34.8 per cent at the end of 2024. Additionally, external reserves have reached over $55 billion, the highest level in 18 years, while the banking sector has mobilized N4.65 trillion in new capital through a recapitalization exercise.

Cardoso also announced plans to strengthen financial cooperation with China. During discussions with People’s Bank of China Governor Pan Gongsheng, the two officials addressed cross-border payments, settlement arrangements, and financial technology. Cardoso intends to visit Beijing to further explore arrangements that facilitate easier transactions for Nigerian and Chinese businesses and support bilateral trade and investment.

Furthermore, the Governor engaged with international credit rating agencies, including Moody’s and Standard & Poor’s, regarding Nigeria’s prospects for achieving investment-grade ratings. He emphasized the necessity of consistent economic policies and effective coordination between fiscal and monetary authorities to sustain investor confidence.