Reforms: Nigeria on path to sustainable economic growth — CBN
By Obas Esiedesa, Abuja
The Central Bank of Nigeria (CBN) announced that the country is progressing toward greater economic stability, enhanced competitiveness, and sustainable growth, driven by ongoing reforms in monetary policy, finance, and foreign exchange.
Hakama Sidi Ali, Director of Stakeholder Engagement and Institutional Relations at the CBN, made this statement during the CBN Special Day at the 21st Abuja International Trade Fair on Tuesday.
Ali highlighted the collaborative efforts between the CBN, led by Governor Olayemi Cardoso, and fiscal authorities, which she said are reinforcing the economic framework and boosting investor confidence in Nigeria.
“The Central Bank of Nigeria, in collaboration with the fiscal authorities, has played vital roles in strengthening the foundations of the Nigerian economy,” Ali said. “These efforts include a series of reforms and policy initiatives aimed at recalibrating macroeconomic stability, enhancing investor confidence, and promoting sustainable economic growth.”
During her address, Ali emphasized that the unification of the foreign exchange market has bolstered stability, improved investor confidence, and mitigated market distortions.
She also pointed to key initiatives, such as the Payments System Vision 2028, which seeks to establish Nigeria as a regional leader in digital and cross-border payments, as well as the successful recapitalization of the banking sector.
Ali noted that these reforms have played a role in the CBN being awarded the title of Central Bank of the Year 2026. Recently, the CBN reduced the Monetary Policy Rate (MPR) from 26.5% to 23%, recalibrating the Standing Facilities Corridor to +50/-300 basis points around the MPR.
This reduction is intended to support productive activities while working towards lowering inflation from its current rate of 15.39%.
As of September 18, 2026, Ali reported that Nigeria’s gross external reserves had risen to over $55 billion, the highest level in 18 years. She attributed this increase to improved foreign exchange inflows resulting from policy measures that promote remittances, investments, and greater participation in the formal financial system.
Ali stressed that a resilient trade environment relies on a stable macroeconomic context, where moderated inflation, stable exchange rates, and a sound financial system encourage businesses to plan and invest.
“As the Central Bank of Nigeria continues to implement reforms aimed at price stability and strengthening the entire financial system, we remain optimistic that Nigeria is on a path toward greater economic stability, increased competitiveness, and sustainable growth,” Ali said.
In an earlier address, Chief Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry (ACCI), urged the CBN to enhance initiatives that support Micro, Small, and Medium Enterprises (MSMEs) in accessing affordable and sustainable financing.
Obegolu highlighted the importance of collaboration among the CBN, financial institutions, and the private sector to enable businesses to turn opportunities into sustainable enterprises, create jobs, and contribute to economic growth.
He also called for increased support for sectors such as agriculture, manufacturing, trade, technology, and export-oriented businesses through targeted financing, credit guarantees, financial literacy, and innovative funding mechanisms.
Obegolu reaffirmed that the ACCI is ready to act as a bridge between the CBN and the business community, emphasizing the need for a strong partnership between government institutions and businesses to drive Nigeria’s economic transformation.
