Key players advocate policy changes to maintain Nigeria's financial progress

Nigeria's economic leaders and development partners gathered in Lagos on Thursday to discuss how to translate the country's improving macroeconomic stability into inclusive economic growth, emphasizing the need for sustained reforms, increased private sector investment, and stronger coordination between fiscal and monetary authorities.

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This discussion took place at the 14th BusinessDay CEO Forum Nigeria 2026, which was themed 'From Stability to Shared Prosperity,' and featured the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Coordinating Minister of the Economy and Minister of Finance, Dr Taiwo Oyedele, who assured investors that Nigeria had entered a new phase of economic stability capable of supporting long-term investment, productivity, and job creation.

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In his welcome remarks, the Publisher and Editor-in-Chief of BusinessDay, Frank Aigbogun, described the annual forum as one of Nigeria's leading platforms for policy dialogue over the past 14 years, bringing together government and the private sector to examine practical solutions to the country's economic challenges.

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Aigbogun congratulated BusinessDay on its 25th anniversary and commended the CBN for winning the Central Bank of the Year Award, noting that achievements by Nigerian institutions deserved far greater recognition and that journalists should celebrate successes when Nigerian institutions receive global recognition.

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He observed that nearly three years after the commencement of major economic reforms, Nigeria had moved beyond merely expecting results to witnessing measurable improvements in macroeconomic indicators.

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Delivering the keynote address, Oyedele stated that Nigeria had successfully navigated the difficult phase of restoring macroeconomic stability and must now focus entirely on converting those gains into inclusive prosperity, explaining that successful economic transformation must follow three sequential stages: stabilisation, growth, and shared prosperity.

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Oyedele said the administration inherited multiple exchange rates, fuel subsidy distortions, weak public finances, and an inefficient tax system that imposed heavy compliance costs on businesses, but chose reform over postponement because delaying difficult decisions would have taken the economy closer to collapse.

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The minister stated that the impact of these changes is already visible, with reforms strengthening external reserves, restoring investor confidence, improving the functioning of the foreign exchange market, and placing inflation back on a downward trajectory despite global uncertainties.

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However, Oyedele stressed that macroeconomic stability alone would not raise living standards unless it was accompanied by higher productivity, increased investment, and sustained job creation, outlining three pillars driving the government's economic agenda: improving productivity through industrialisation and value addition, optimising public revenue through tax reforms and simplified compliance, and promoting inclusion through investments in education, vocational training, women, youths, persons living with disabilities, and small businesses.

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Oyedele disclosed that the government would begin measuring shared prosperity using three specific metrics: a reduction in multidimensional poverty, growth in real income per capita, and declining inequality across the board.

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He reaffirmed the government's commitment to building a $1tn economy by 2030, noting that this target is backed by detailed, rigorous implementation plans covering technology, artificial intelligence, fintech, agriculture, manufacturing, energy transition, gas infrastructure, and financial services.

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Oyedele pointed out that Nigeria currently hosts five of Africa's nine technology unicorns, highlighting the massive scale and potential of the country's growing digital economy.

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The minister also highlighted the rapid impact of recent tax reforms, revealing that about 10,000 informal businesses now apply daily for registration through the Corporate Affairs Commission, following measures introduced to encourage business formalisation, and that small businesses have been completely exempted from Company Income Tax.

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Oyedele disclosed that the government approved free registration for 250,000 businesses and released hundreds of billions of naira through the Bank of Industry and Bank of Agriculture to improve access to affordable finance.

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He proposed a Public Policy Private Partnership framework that will allow the private sector to participate in policy formulation, implementation, and evaluation, and announced plans to strengthen collaboration between the state and the private sector.

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Responding to questions, Oyedele stated that the government is aggressively tackling excessive bureaucracy, improving access to credit, strengthening taxpayer protection, and expanding support for women, youths, and persons living with disabilities.

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He stressed the need for stronger collaboration with state and local governments to ensure that the benefits of reforms reach communities across the country.

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The forum featured a fireside chat between Aigbogun and Cardoso, during which the CBN Governor defended the apex bank's reform programme and outlined the impact of its monetary policy initiatives on the Nigerian economy.

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Cardoso stated that the apex bank had fundamentally transformed Nigeria's foreign exchange market by eliminating multiple exchange rate windows, restoring transparency, and rebuilding confidence in monetary policy, and that confidence has returned due to the bank's disciplined and consistent implementation of reforms.

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He noted that Nigeria's gross external reserves have increased to about $52bn, while net reserves have risen from roughly $3bn to over $40bn, and that monthly diaspora remittances have exceeded $600m, with the CBN targeting $1bn monthly before the end of the year.

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Cardoso said this improved reserve position has strengthened Nigeria's resilience against external shocks and restored international investor confidence, urging Nigerian businesses to take advantage of the country's improving investment climate.

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He defended the ongoing bank recapitalisation programme, explaining that stronger capital bases will enable Nigerian banks to finance larger investments across Africa while improving the financial system's overall resilience.

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Cardoso noted that the Monetary Policy Committee will continue making decisions based on economic data, and that recent geopolitical tensions have delayed expectations of lower interest rates despite progress in bringing down inflation.

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Reflecting on the country's economic situation when the current CBN management assumed office, Cardoso admitted that restoring confidence required difficult but necessary decisions, and that it was about doing what was necessary to secure the future of over 200 million Nigerians.

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Aigbogun questioned the governor on foreign exchange reforms, reserve management, inflation, interest rates, bank recapitalisation, lending to the real sector, financial system resilience, and the leadership principles behind the CBN's reform agenda during the fireside discussion.

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Beyond the keynote addresses, the forum featured panel discussions involving policymakers, business executives, and industry experts who examined the practical steps required to move Nigeria from macroeconomic stability to inclusive prosperity.

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Participants discussed strategies for expanding private sector investment, improving manufacturing competitiveness, strengthening financial sector resilience, accelerating technology adoption, deepening tax reforms, promoting energy transition, expanding infrastructure financing, and improving access to finance for small and medium-sized enterprises.

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Speakers at the event agreed that government alone cannot deliver economic transformation, urging businesses to match ongoing reforms with fresh private investments, innovation, and job creation, and calling for stronger collaboration among federal, state, and local governments, regulators, development partners, and the private sector.

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Participants concluded that this synergy is needed to sustain reform momentum, simplify regulations, reduce bureaucratic bottlenecks, and create a highly predictable investment environment.