The Central Bank of Nigeria (CBN) has assured Nigerians that improvements in the country’s macroeconomic environment will gradually translate into better living conditions for households and businesses, as monetary and fiscal reforms continue to take effect.
The assurance was given by CBN Governor Olayemi Cardoso, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Ikeazor acknowledged that while indicators such as economic stability have improved, many Nigerians are yet to feel a significant difference in their daily lives. He said the CBN was working with fiscal authorities to ensure that the benefits of economic reforms eventually reach households and businesses.
According to the apex bank, initiatives including the National Single Window, alongside broader monetary and fiscal reforms, are expected to strengthen economic activity and improve conditions for ordinary Nigerians.
The CBN also pointed to stronger coordination between monetary and fiscal authorities as one of the factors behind the recent improvement in macroeconomic stability.
President Bola Tinubu, represented at the conference by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, however, cautioned that economic stability should not be mistaken for widespread prosperity.
The administration said stability provides the foundation for prosperity, while acknowledging that the ultimate measure of the reforms would be whether Nigerians experience improvements in their incomes, purchasing power, and general standard of living.
The comments come as households and businesses continue to contend with high living costs and financing pressures despite signs of improving macroeconomic conditions.
