The Central Bank of Nigeria (CBN) has assured households and businesses that the benefits of recent improvements in the country’s macroeconomic conditions will soon become more evident 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 (CIBN) in Abuja. He was represented at the event by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor.
Ikeazor acknowledged growing concerns that improved economic indicators had not yet translated into noticeable relief for many Nigerians. He, however, said stronger coordination between monetary and fiscal authorities would help ensure that economic stability eventually produces tangible benefits for 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 explained that several fiscal reforms were expected to begin yielding results soon, complementing measures 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.
According to Ikeazor, the progress recorded in the macroeconomic environment was partly driven by improved cooperation between the monetary and fiscal authorities, which he described as unprecedented.
He also credited President Bola Tinubu for allowing the apex bank to concentrate on its statutory responsibilities, noting that the CBN’s reforms had been implemented in collaboration with other stakeholders.
The CBN’s assurance comes as households and businesses continue to contend with high living costs, expensive financing and the wider effects of economic reforms introduced since 2023.
President Bola Tinubu, who was represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned that macroeconomic stability should not be equated with 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.”
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The President said the government’s next reform phase would seek to transform economic stability into increased investment, production, employment and better living conditions, with the banking and financial services sector expected to provide financing for the real economy.
Meanwhile, the President and Chairman of Council of the CIBN, Dr Dele Alabi, said although Nigeria had achieved notable progress at the macroeconomic level, the benefits were yet to sufficiently reach 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 stage of reforms should shift the impact of economic stability from government balance sheets to businesses and household finances. He particularly highlighted the difficulties facing millions of micro, small and medium-sized enterprises, including high operating expenses, infrastructure challenges and restricted access to funding.
Also speaking, 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 data indicated that Nigeria was making progress.
He pointed to the 4.43 per cent year-on-year GDP growth recorded in the second quarter of 2026, a moderation in inflation and improved external reserves as evidence of better macroeconomic conditions.
Alawuba, however, called for continued coordination between fiscal and monetary authorities to protect the gains made and increase lending to productive areas of the economy.
“These are signposts. They are mileposts. They are not the destination,” Alawuba said.
He said banks that had undergone recapitalisation would need to deploy their stronger balance sheets towards providing affordable financing for MSMEs, agriculture, manufacturing, infrastructure and exports.
In a keynote address, the World Bank Country Director for Nigeria, Mathew Verghis, represented by the bank’s Senior Private Sector Specialist, Bertine Kamphuis, also acknowledged the progress from Nigeria’s recent reforms but identified job creation as the next major measure of economic policy success.
The World Bank noted that domestic credit to Nigeria’s private sector remained around 13 per cent of GDP, while MSMEs accounted for only about one per cent of credit despite their significant contribution to employment.
It therefore stressed the need to use the country’s improved economic stability as a foundation for directing more capital towards productive businesses with the capacity to expand operations and create jobs.