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Governor of the Central Bank of Nigeria, Olayemi Cardoso, said Nigeria’s ongoing economic reforms have strengthened the country’s capacity to deal with possible shocks resulting from rising tensions in the Middle East.
Cardoso made the remarks on Thursday while delivering the Distinguished Alumni Lecture at the Founders Day celebrations of St Gregory’s College Lagos in Lagos.
He noted that the global economy is again entering a period of uncertainty, driven in large part by geopolitical tensions surrounding escalating conflicts involving the United States, Israel and Iran.
According to the CBN governor, this situation could trigger an increase in global energy prices, disrupt supply chains and make international investors more careful in deploying capital in emerging markets.
Despite these concerns, Cardoso stated that Nigeria is better prepared to deal with external shocks due to policy adjustments implemented in recent years.
“Currently, the global economy is facing new shocks, including continued geopolitical tensions and developments in the US-Israel-Iran conflict. These events have the potential to drive energy prices higher, disrupt supply chains and increase risk aversion among global investors.
“But the macroeconomic reforms and policy buffers we have built over the past two years have put Nigeria in a much stronger position to face these challenges. Storms may come, but our country will remain strong.”
Cardoso also highlighted progress in the Nigerian foreign exchange market, and noted that reforms undertaken by the apex bank had improved liquidity and operational efficiency.
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According to him, these steps have eliminated long-standing distortions in the foreign exchange system and increased investor confidence.
“Today, the foreign exchange market operates with much greater liquidity and efficiency, while the backlog of unmet demand has been resolved. Market participants can now transact without relying on extraordinary Central Bank intervention,” he said.
The CBN Governor added that Nigeria is starting to see a recovery in foreign capital inflows as confidence in the direction of the country’s economy gradually returns.
He further revealed that Nigeria’s foreign exchange reserves have increased significantly, recently surpassing $50 billion – the highest level recorded in more than ten years – a development he attributed to improvements in the country’s balance of payments and stronger investment inflows.
Speaking directly to students at the event, Cardoso encouraged Nigeria’s young generation to prepare themselves for opportunities in the fast-evolving, technology-driven global economy.
He emphasized that career success in the future will increasingly depend on adaptability and the ability to combine knowledge from various fields.
Cardoso therefore urges students to cultivate curiosity, discipline, integrity and adaptability, describing them as essential qualities for leadership and long-term success in an increasingly complex world.
