Tinubu’s Economic Reforms: CBN Governor Cardoso Says Challenges Are Paying Off

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasized that the economic reforms initiated by President Bola Ahmed Tinubu’s administration, although challenging, are beginning to yield meaningful results.

Cardoso made this assertion following the conclusion of the 2025 IMF/World Bank Spring Meetings held in Washington, D.C., United States. According to a statement released by the Nigerian delegation, the meetings served as an opportunity to present the ongoing economic policies and achievements under President Tinubu’s leadership.

He stated, “Thanks to the actions taken over the past eighteen months, Nigeria has fortified its monetary reserves and is now better positioned to handle external financial pressures.”

Addressing citizens directly, Cardoso acknowledged the difficulties Nigerians are facing due to these reforms but assured that tangible benefits are becoming evident. “These reforms are tough, but they are delivering tangible outcomes. Nigeria is shifting from a vulnerable state toward a trajectory of economic resilience and growth,” he noted.

It is important to remember that since 2023, President Tinubu’s administration has implemented several pivotal measures, including the liberalization of the foreign exchange market and the controversial removal of fuel subsidies — policies that initially triggered inflationary pressures across the nation.

In alignment with these initiatives, Cardoso introduced major financial sector reforms such as the launch of the Electronic Foreign Exchange Management System (EFEMS), the introduction of a new FX code, and the recapitalization of banks, aimed at fortifying Nigeria’s financial stability.

Recent economic indicators suggest a gradual improvement. Nigeria’s inflation rate eased to 23.18% in March 2025, while the Monetary Policy Rate (MPR) was adjusted to 27.50% in February 2025, indicating cautious optimism amidst ongoing challenges, including the high cost of living.

For more context on how financial reforms can impact developing economies, you can read further on World Bank’s economic reform strategies