CBN’s Visionary Leadership: Facts and Figures Behind Nigeria’s Economic Growth
The Central Bank of Nigeria’s (CBN) visionary leadership has been instrumental in driving the country’s economic growth, with a series of bold reforms and strategic initiatives that have yielded impressive results. The CBN’s proactive approach to monetary policy and its dedication to fostering a stable and inclusive economy have been key drivers of this growth.
Some key statistics that underscore the impact of the CBN’s reforms include $5.64 billion in capital imports in Q1 2025, representing a 67.12% increase compared to Q1 2024, $2.06 billion in foreign capital inflows in January 2025, a 31% increase from December 2024, and external reserves reaching over $40 billion in 2024, although slightly dropping to $37.82 billion by March 2025, with the banking sector recording $3.1 billion in inflows in Q1 2025 and portfolio investment totaling $5.2 billion in Q1 2025 and $1.85 billion in January 2025 .
Tanimu Yakubu, Director-General of the Budget Office of the Federation confirms the above with facts and figures better. To him , President Bola Ahmed Tinubu’s administration has implemented significant economic reforms, particularly in foreign exchange, which have transformed the naira into a competitive tool on the global stage. The reforms involved dismantling Nigeria’s rigid foreign exchange regime, initially leading to a plunge in the naira’s value. However, this bold move has paid off, with the naira strengthening by 15.28% in just five months to ₦1,525 per dollar by August 2025.
The reforms have led to increased non-oil exports, which jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025, a 19.62% year-on-year growth. Export volumes also rose from 3.83 million to 4.04 million metric tonnes. The unification of Nigeria’s FX windows created a single, transparent market rate, allowing the currency to find its realistic value. This made Nigerian goods more competitive globally.
Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The naira’s stability has lowered risk for investors, inviting portfolio and capital inflows that further bolster reserves. The feedback loop of FX reform, export boom, and naira stability has created a sustainable growth path.
Tanimu Yakubu notes that the reforms have turned the naira into a driver of growth, attracting both trade and investment. He describes the development as a “sweet spot” for the economy, where exporters earn more in naira terms, buyers abroad pay less in dollar terms, and the economy benefits from stronger inflows. If Nigeria stays the course, the naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.
The Central Bank of Nigeria’s reforms have yielded several positive outcomes. The bank’s efforts to stabilize the naira and promote economic growth have led to increased foreign investment, with over $6 billion in foreign capital inflows in 2024. This influx of foreign capital has contributed to the growth of Nigeria’s external reserves, which have exceeded $40 billion, signaling growing global confidence in the country’s economic prospects.
The CBN’s initiatives have also promoted financial inclusion, particularly in underserved and rural communities. The bank’s efforts to enhance the official channels for diaspora remittances have led to increased remittance flows through official channels, rising from $3.3 billion in 2023 to $4.73 billion in 2024. Furthermore, the CBN’s reforms have fostered a more stable forex market, reducing the disparity between bureau de change rates and official rates.
The bank’s commitment to implementing bold reforms has yielded positive outcomes, such as reducing inflation and enhancing the transparency and stability of the foreign exchange market. The CBN’s monetary policy reforms aim to restore stakeholders’ confidence in Nigeria’s financial system, with a goal of achieving single-digit inflation. The bank’s efforts have received commendations from global institutions like the IMF and World Bank, which have praised Nigeria’s fiscal and monetary reforms.
The CBN’s reforms are irreversible and aimed at promoting sustainable and inclusive economic growth. The bank’s focus on transparency, innovation, and boosting investor confidence has strengthened Nigeria’s credibility on the global stage. With a clear vision to become a trusted and respected institution, the CBN is working towards fostering confidence in the Nigerian economy and contributing to a stable, inclusive, and competitive nation. The bank’s efforts are expected to continue yielding positive outcomes, driving Nigeria’s economic growth and development ¹ ² ³
The Central Bank of Nigeria (CBN) has been working tirelessly to advance the country’s financial services sector. One of the key initiatives is the implementation of an open banking framework, which will enable secure sharing of financial data between banks and third-party service providers. This initiative is expected to spur innovation, create new opportunities, and improve customer experience in the financial technology space. Moreover, open banking will allow for the development of new financial products, enhance service delivery, and provide customers with more control over their financial data ¹.
In addition to open banking, the CBN is also advancing contactless payment solutions, aligning with global trends and reducing transaction times. This move is expected to promote cashless transactions, particularly among Nigeria’s growing youth and tech-savvy population. Furthermore, contactless payments will make transactions more convenient, efficient, and secure. The CBN is also expanding its regulatory sandbox, a controlled environment where fintech companies can test innovative products under the supervision of the regulator ².
The CBN’s reforms and initiatives have been instrumental in stabilizing the economy and promoting growth. For instance, the bank has implemented policies to enhance transparency and stability in the foreign exchange market. Moreover, the CBN has introduced initiatives to increase diaspora remittances and promote financial inclusion. The bank also aims to strengthen ties with the diaspora community and encourage investment in Nigeria. Furthermore, the CBN is committed to achieving price stability, with a focus on reducing inflation and promoting sustainable economic growth.
Tanimu Yakubu, Director-General of the Budget Office of the Federation confirms the above with facts and figures. To him , President Bola Ahmed Tinubu’s administration has implemented significant economic reforms, particularly in foreign exchange, which have transformed the naira into a competitive tool on the global stage. The reforms involved dismantling Nigeria’s rigid foreign exchange regime, initially leading to a plunge in the naira’s value. However, this bold move has paid off, with the naira strengthening by 15.28% in just five months to ₦1,525 per dollar by August 2025.
The reforms have led to increased non-oil exports, which jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025, a 19.62% year-on-year growth. Export volumes also rose from 3.83 million to 4.04 million metric tonnes. The unification of Nigeria’s FX windows created a single, transparent market rate, allowing the currency to find its realistic value. This made Nigerian goods more competitive globally.
Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The naira’s stability has lowered risk for investors, inviting portfolio and capital inflows that further bolster reserves. The feedback loop of FX reform, export boom, and naira stability has created a sustainable growth path.
