As JP Morgan, NGX, Others, participated in Pre-Spring Meetings Forum
Olayemi Cardoso, Governor of the Central Bank of Nigeria, exemplifies the qualities of a strategic leader. As a visionary individual, he navigates the complexities of Nigeria’s economic landscape, making informed decisions that drive long-term success.
He spoted a brainstorming opportunity that was valuable to him mandate as the CBN Governor and he seized it . Ahead of the International Monetary Fund (IMF) and World Bank Group (WBG) Spring meetings of Monday,April 2025 , the Central Bank of Nigeria (CBN), in a strategic move , partnered with J.hP. Morgan, the Nigerian Exchange Group (NGX), and Africa Private Capital Association (AVCA) to host a high-profile global forum at Nasdaq MarketSite in New York on April 17, 2025.
The event featured a range of speakers and panelists, including Dr. James Robinson, Nobel Prize-winning economist, who participated in a fireside chat with Governor Cardoso; Mr. Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the CBN, who delivered a macroeconomic update; Dr. Nkiru Balonwu, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, who welcomed participants.
The forum, titled “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” brought together global investors and senior financial stakeholders to examine Nigeria’s macroeconomic prospects and ongoing reform progress. This event provided a platform for the CBN to demonstrate its dedication to rebuilding credibility and establishing itself as a trusted institution.
Governor Olayemi Cardoso delivered a compelling address, outlining a comprehensive reform strategy that encompasses monetary tightening, foreign exchange market transparency, and enhanced financial governance. These initiatives are laying the groundwork for sustainable macroeconomic stability and ushering in a new era of transparency and confidence. With unwavering commitment, Governor Cardoso reaffirmed the Central Bank of Nigeria’s (CBN) dedication to rebuilding credibility through orthodox monetary policy, transparency, and consistency. In a decisive statement, he declared, “We inherited a crisis of confidence but chose a different path. We’re not turning back.”
. By reaffirming the CBN’s commitment to rebuilding credibility through these measures, Governor Cardoso underscored the bank’s dedication to driving transformation and promoting economic development.
Dr. Nkiru Balonwu, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, played a significant role in the forum. contributions include ¹ ²:
She welcomed participants to the forum, setting the tone for a productive discussion.
Dr. Balonwu framed the forum as a key moment in the Bank’s broader engagement strategy, emphasizing its importance in showcasing the CBN’s transformation story under Governor Cardoso’s leadership.
She explained that the forum aimed to share facts, interrogate progress, and look ahead to building sustainable partnerships and unlocking long-term capital.
. Balonwu also served as the anchor for a session featuring contributions from Nigerian professionals and international economic stakeholders, demonstrating her expertise in facilitating high-level discussions.
As a highly qualified professional, Dr. Balonwu brings extensive experience to her role. She holds a doctorate from the University of California, Berkeley, and has been called to the bar in England, Nigeria, and New York. Her background includes serving as CEO of Spinlet, Founder & Creative Director of the Africa Soft Power Group, and board member of several prominent institutions ³.
Dr. James Robinson, a Nobel Prize-winning economist, participated in a fireside chat with Governor Cardoso, discussing the Central Bank of Nigeria’s (CBN) vision to reestablish itself as a credible and trusted institution. As a renowned economist and political scientist, Robinson’s work focuses on the relationships between political power, institutions, and prosperity. His research has transformed the study of development in low-income countries, emphasizing the importance of inclusive institutions for economic growth.
Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the CBN, delivered a macroeconomic update, highlighting: the significant boost in economic activity, a potential decrease in inflation rates as well as an improved economic stability and resilience.
These contributions likely provided valuable insights into Nigeria’s economic prospects and the CBN’s policy directions, showcasing the bank’s commitment to transparency and reform ¹.
Other key participants included Gavin Serkin, founder of New Markets Media & Intelligence, who moderated a panel discussion; Joyce Chang, Chair of Global Research at JPMorgan Chase; Jason Rekate, Global Co-Head of Corporate Banking at Citi; Razia Khan, Chief Economist for Africa & Middle East at Standard Chartered; Ahmad Zuaiter, Co-Founder & CIO of Jadara Capital Partners; Temi Popoola, Group CEO of NGX, who moderated the Q&A session; and Dr. Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at CBN, who delivered the closing remarks.
The Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso is driving transformation, promoting transparency, and ensuring consistency in its policies. The CBN’s comprehensive reform strategy aims to reestablish itself as a credible and trusted institution.
Key Initiatives and Achievements
- Comprehensive Reform Strategy: Emphasizing monetary tightening, foreign exchange market transparency, and enhanced financial governance.
- Increased Foreign Exchange Turnover: Contributing to a more stable and transparent foreign exchange market.
- Strengthening External Reserves: Net reserves rose to $23.3 billion, and gross reserves increased to $40.9 billion in 2024.
- Early Signals of Disinflation: Indicating a potential slowdown in inflationary pressures.
Reforms and Initiatives
- Stringent Monetary Tightening Policy: Implemented to curb inflation, with an 875 basis point increase to 27.5%.
- Transparent Foreign Exchange Mechanisms: Introduction of an FX code and Electronic Foreign Exchange Matching Systems (EFEMS).
- Regulatory Review of Bureau de Change Operations: Promoting transparency and accountability. Impact on the Economy
The CBN’s reforms aim to create a stable and transparent economic environment, attracting international investment and promoting sustainable growth.
Conclusion: Governor overnor Cardoso’s leadership has driven transformation at the CBN, establishing a foundation for macroeconomic stability and confidence. The CBN’s vision for a credible, trusted institution is becoming a reality.
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