In a high-level pitch to the international financial community, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, declared that Nigeria is entering an era of “rules-based” economic management.1 Speaking at the US-Nigeria Executive Business Roundtable in Washington, DC, Cardoso emphasized that the nation’s focus has shifted toward transparent markets and predictable policy frameworks to win back global investor trust.
The roundtable, organized by the US Chamber of Commerce, served as a critical platform for Nigeria to compete for capital in an environment of high global interest rates and tightening financial conditions.3
The Pillars of the New Economic Strategy
Cardoso outlined a series of structural shifts intended to move Nigeria away from erratic policy swings and toward a more “orthodox” monetary environment:
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Foreign Exchange Modernization: A move toward a transparent, market-driven FX framework to stabilize the Naira and encourage capital inflows.
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Orthodox Monetary Policy: Utilizing traditional central banking tools to aggressively rein in inflation.
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Banking Sector Overhaul: Ongoing reforms to strengthen supervision and ensure the resilience of Nigeria’s financial institutions.
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Digital Payments Evolution: Continuing the modernization of the payments system to drive efficiency and financial inclusion.
Investor Sentiment: Responding to “Seriousness of Purpose”
Kendra Gaither, President of the US-Africa Business Centre, noted that the global investment community is less interested in promises and more focused on policy credibility.
“What investors are responding to today is clarity, clear rules, credible reforms, and a seriousness of purpose. Nigeria’s message is increasingly one of discipline and opportunity.”
The Global Competition for Capital
Nigeria’s engagement in Washington highlights the intense competition among emerging markets for a shrinking pool of foreign investment. By presenting a front of fiscal and monetary discipline, the CBN aims to:
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Lower Risk Perception: Providing regulatory clarity to make Nigerian projects more “bankable.”
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Scale Priority Sectors: Attracting institutional investment into infrastructure, tech, and manufacturing.
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Strengthen US Ties: Deepening commercial relationships with American business leaders to foster long-term partnerships.
While domestic pressures and global uncertainty remain high, the central message from the CBN is clear: the era of unpredictable economic management is over, replaced by a commitment to stability and private-sector-led growth.
