Edun and Cardoso: Two Good Heads, One Vision
By Zekeri Idakwo Laruba
The recent meeting between Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, may well be described by the popular African proverb: “When two good heads come together, success is inevitable.” More than just a symbolic handshake, their strategic engagement signals a critical phase in aligning Nigeria’s fiscal and monetary policies, with far-reaching implications for the nation’s economic trajectory.
Coming at a time when inflation has eased to 22.97% in May 2025, a notable retreat from the crisis levels witnessed earlier in the year, this high-level meeting underscores a shared commitment to consolidating recent gains, restoring investor confidence, and creating an enabling environment for sustainable, private sector-led growth.
Under the current administration, the Central Bank has undertaken a series of reforms aimed at stabilising the macroeconomic environment. The bank, now redefined as pragmatic, forward-looking, and people-centric, has demonstrated clear intent to rebuild confidence in Nigeria’s financial system.
One key highlight was the May 13 launch of the Non-Resident Bank Verification Number (NRBVN) platform, a landmark digital initiative developed with NIBSS to allow Nigerians in the diaspora to register their BVN remotely. This innovation is not only enhancing financial inclusion but also holds promise for increasing remittance inflows and bolstering foreign exchange liquidity, a critical element in Nigeria’s economic puzzle.
Barely a week after that, during the 300th Monetary Policy Committee (MPC) meeting, the CBN unanimously retained its key policy tools: the Monetary Policy Rate (MPR) at 27.5%, Cash Reserve Ratios at 50% for Deposit Money Banks and 16% for Merchant Banks, and the Liquidity Ratio at 30%. These decisions reflect a clear resolve to maintain policy consistency and prevent backsliding, even as inflation shows early signs of moderation and external reserves begin to improve.
Meanwhile, Mr. Edun and the fiscal authorities have focused on reducing wastage, driving revenue reform, and plugging leakages in public finance. The renewed coordination between the Ministry of Finance and the CBN seeks to build upon these efforts, ensuring that fiscal spending and monetary tightening are not working at cross-purposes but are instead aligned to stabilise prices, stimulate production, and reduce the cost of living.
The significance of this collaboration cannot be overstated. In the past, poor coordination between fiscal and monetary authorities has created confusion in the market, discouraged investment, and stifled growth. But today, the two institutions are speaking with one voice, and that unity is already producing green shoots of recovery.
Looking ahead, the road is still long. Nigeria faces structural challenges in energy, agriculture, and industrial productivity. Global commodity prices remain unpredictable, and external shocks can disrupt progress. Yet with steady coordination, a strong policy framework, and a shared sense of urgency, the country is better positioned to navigate these headwinds.
This meeting is therefore more than a footnote in economic reporting, it is a turning point. When two good heads come together with a clear purpose, there is every reason to hope that the outcome will be not just progress, but prosperity.
Zekeri Idakwo Laruba is the Assistant Editor PRNigeria and Economic confidential. [email protected]
