CBN Governor declares Nigeria beyond flawed economy, reforms underway
Nigeria has moved beyond its deeply flawed economic system, CBN Governor Olayemi Cardoso declared at the Africa Capital Forum in London. He announced halving of high inflation and 11 months of disinflation, stating the old system is dead and replaced by one emphasizing liquidity, openness and transparency. Key reforms include dismantling opaque practices, evidence-based monetary policy insulated from politics, and restoring trust in the apex bank. Seven Nigerian banks now operate in the UK, with one opening in Manchester. 23 banks met recapitalisation requirements. The EBRD expressed optimism about Nigeria's trajectory, citing institutional development and rule of law improvements. This economic reset aims to attract investment into power, infrastructure, agriculture and services sectors.