CBN Governor Cardoso credits crisis-driven creativity for Nigeria's $55B reserves turnaround
CBN Governor Olayemi Cardoso said Nigeria's fiscal crisis forced creative revenue solutions when speaking at the World Bank/IMF meetings in Bangkok on Thursday. He revealed gross external reserves now stand at $55.1 billion (net $46 billion), up from the $3 billion inherited with $7 billion in obligations when the administration began.
Cardoso explained orthodox monetary policy paid the debt and stabilized the economy, proving oil revenue reliance unsustainable. The CBN turned to diaspora remittances to ease capital flow after facing skepticism—'It seemed impossible to everybody and people laughed'—but the approach paid off.
He noted Nigeria is now focusing on value addition, citing Dangote Refinery's potential for growth and FX stability. The panel discussed building resilient economies amid global fragmentation, featuring IMF Chief Georgieva and Greek Finance Minister Pierrakakis.
With reserves strengthened from crisis lows, will these policy shifts sustain naira stability and reduce vulnerability to oil price shocks as Nigeria pursues economic diversification?