ABUJA, Nigeria (VOICE OF NAIJA)-The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stressed the importance of establishing strong institutions and solid financial structures to drive sustainable economic growth in Nigeria.
Cardoso made the remark while presenting a distinguished alumni lecture during the Founders Day celebration of St. Gregory’s College in Lagos. The lecture was delivered under the theme “Strong Foundations: From the Classroom to the Capital Base.”
He explained that the principles that shape responsible individuals such as discipline, integrity and accountability are also essential in developing resilient institutions and stable economies.
According to him, lasting economic stability cannot rely solely on short-term interventions but must be built on disciplined policies, credible institutions and strong financial systems.
Cardoso observed that Nigeria’s financial sector had experienced several challenges in recent years, including foreign exchange volatility, rising inflation and structural weaknesses.
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He added that the apex bank had implemented reforms aimed at restoring confidence and strengthening the financial system.
He stated that the banking recapitalisation programme introduced in 2024 was intended to ensure that Nigerian banks possess sufficient capital to support economic transformation and withstand potential financial shocks.
“As of March 12, 2026, 33 banks have successfully raised additional capital, while 30 have already met the new minimum capital requirements for their respective licence categories,” he said.
“The remaining institutions are undergoing the CBN’s routine verification process in line with the compliance timeline.”
Cardoso further noted that the apex bank had reinstated orthodox monetary policy and reduced quasi-fiscal interventions that previously disrupted the macroeconomic environment.
According to him, these measures have contributed to easing inflation, bringing it down from about 34 per cent at its peak to roughly 15 per cent.
He added that reforms in the foreign exchange market had also removed multiple exchange rates and considerably reduced the disparity between the official and parallel markets.
“The parallel market premium has dropped from about 50 per cent in 2022 to less than two per cent on average in 2025,” he said.
Cardoso stated that the reforms had strengthened investor confidence, attracted increased capital inflows and improved Nigeria’s external reserves, which he said had climbed above 50 billion dollars.
He emphasised that strong institutions remain fundamental to economic resilience, particularly in a global environment characterised by geopolitical tensions and volatility in energy markets.
“Strong foundations determine whether systems can withstand shocks. The same principle applies to economies, institutions and nations,” he said.
Cardoso, who is also an alumnus of St. Gregory’s College, encouraged alumni groups across the country to promote leadership and actively support national development.
(NAN)