Outlines path to 7% growth

From Uche Usim, Washington DC

Nigeria’s economic managers took center stage in Washington DC on Wednesday, outlining a confident, data-backed vision of recovery, stability and inclusive growth.

At the Nigeria Investors Forum held on the sidelines of the IMF–World Bank Annual Meetings, Central Bank Governor Olayemi Cardoso, alongside senior officials, declared that the country’s reforms are “laying a stronger foundation for a resilient, investment-ready economy.”

“Our focus remains clear, strengthening fundamentals, advancing reforms and unlocking opportunities for sustainable investment and growth,” Cardoso said in his opening remarks.

He emphasised the strong coordination between the Central Bank and the Ministry of Finance, which, he noted, “ensures stability, clarity, and seamless continuity even when one arm is unavailable.”

Also speaking, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, painted a vivid picture of an economy in transition, one defined by fiscal discipline, transparency and bold structural reforms.

“We’ve moved from survival to resilience. From removing distortions to rebuilding trust, from chasing stability to creating the framework for sustained, inclusive growth”, Okoli said.

She highlighted significant progress across fiscal, monetary, and institutional fronts.

“Inflation is now below 20 per cent for the first time in three years, external reserves have rebounded to $42.3 billion and the Naira has enjoyed months of stability and appreciation.

“Our dependence on oil for exports is dropping, now around 57.5 per cent, compared to 90 per cent a few years ago, and non-oil revenues are rising. The economy is diversifying, and resilience is building”, she said.

She added that Nigeria’s growth target was intentionally ambitious.

“I didn’t leave my private-sector job to chase 3 per cent growth,” Okoli quipped.

“Our goal is 7 per cent by 2027–2028, and we’re already on the path. Q2 growth was 4.3 per cent, the highest in years.”

On infrastructure, she cited partnerships worth billions with development partners to close Nigeria’s infrastructure gap. “We’re pursuing PPPs for over 10 key road corridors, mobilising $32 billion to improve power access and reliability and laying 90,000 kilometers of fiber-optic cable to future-proof digital connectivity,” she said.

From the monetary policy side, CBN Deputy Governor for Economic Policy, Mohammed Sadi Abdullahi, reinforced that the macroeconomic tide has turned decisively. “We now have a much more stable currency. The FX premium that once stood at 52 per cent is now below 3 per cent,” he said. “Inflation has fallen to 18.02 per cent, and our external reserves have climbed to a five-year high of $43.4 billion, enough to cover 11 months of imports.”

He also revealed that Nigeria’s financial markets are “deeper, more transparent, and more ethical,” with monthly turnover rising to $8.6 billion this year. “We’ve cleared FX backlogs completely, that era is behind us,” Abdullahi stated confidently.

Summing up the country’s new economic direction, Okoli declared: “Nigeria’s story is no longer one of volatility — it’s one of velocity. We’re moving with purpose, aligned, and determined to make this decade the one where Nigeria truly takes off.” (THE SUN)