Improved Security, Reforms Trigger $8bn Energy Investments – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria has attracted over $8 billion in new energy investments.
This significant development was revealed at the conclusion of the IMF/World Bank Annual Meetings, where Nigeria will assume the G-24 chairmanship on November 1, 2025.
According to Cardoso, the surge in investments is a direct result of improved security in oil-producing regions and consistent economic reforms over the past two years. Speaking to journalists, he stated:
“Reduced insecurity in oil-producing areas and targeted incentives have increased production and attracted over $8 billion in new energy investments.”
Cardoso highlighted the reforms that have contributed to this success, including foreign exchange unification, monetary tightening, and fiscal consolidation. These reforms, he said, are beginning to yield tangible results:
“…moderating inflation, stabilising the exchange rate, and restoring investor trust.”
The CBN governor also warned against “reform fatigue” and urged continuity and policy consistency to consolidate gains. He emphasized:
“We must continue to show results, because this is not a short dash, it is a marathon. As inflation begins to trend down, people must see and feel the benefits to know that better days lie ahead.”
In addition to these economic reforms, Cardoso highlighted the CBN’s growing engagement with fintech companies. He noted:
“We had several engagements with fintech operators to understand their challenges and develop a roadmap for sustainable growth.”
On Nigeria’s growth trajectory, Cardoso said: “Nigeria now is in a relatively good place. The economy is stable. I don’t think anybody can deny that. With stability, now is growth. In the last quarter, we saw improvement in growth. It went from three to four. I mean, that’s no mean achievement. And inflation is coming down, and really, while on a good path, the question is, how do you sustain it? My answer is that, continuing to do what we have been doing before, we have to stay the course. The difficulty has passed us, I believe. From now on, growth begins to chime in.”
Cardoso also noted that the United States’ prioritization of growth as the chair of the G20 aligns well with Nigeria’s current economic trajectory:
“And by the way, this is something that the United States championed, because they are taking over the chairmanship of the G20, and they said their major priority for the next year is growth. That goes well for us, because we are at a stage now where we no longer have to feel shy about it. There is stability there now to grow. We are in the right place for growth.”