X-Raying Cardoso’s Impactful Gains At CBN By Okanga Agila 

In the not-so-distant past, Nigeria’s economy was a fragile patient, clinging to life support. The symptoms were all too familiar: hunger, deprivation, and a crippling sense of hopelessness. But then, something changed.

A new leadership emerged with a bold vision for a prosperous Nigeria. President Bola Ahmed Tinubu’s administration was determined to break the cycle of economic instability, and they started by making some tough decisions.

One of those decisions was the appointment of Dr. Olayemi Cardoso as the Governor of the Central Bank of Nigeria. Dr. Cardoso was a man on a mission, armed with a deep understanding of the economy and a passion for reform. With Dr. Cardoso at the helm, the Central Bank began to implement a series of innovative policies, designed to stimulate growth, create jobs, and empower Nigerian citizens.

It wasn’t easy, of course – there were obstacles to overcome, and tough choices to make. But Dr. Cardoso and his team were undeterred, driven by a shared vision of a brighter future for Nigeria. And then, something remarkable happened.

The economy began to stir, like a sleeping giant awakening from a deep slumber. Infrastructure projects sprouted up across the country, creating jobs and opportunities for thousands of Nigerians. The education and healthcare sectors received a much-needed boost, giving citizens access to quality services and a chance to build a better life.

Dr. Cardoso’s bold move to tackle Nigeria’s inflation problem began with a deliberate attempt to rectify the negative effects of past monetary policies. By holding down excessive money supply, considered a major driver of inflation, Dr. Cardoso introduced measures that would eventually lead to a decrease in prices of goods and services.

The initial impact of these measures was a short-term shock, marked by an increase in interest rates, reduced spending and investment, and a decrease in demand for goods and services. Banks also played their part by mopping up excess liquidity from the system, increasing the Monetary Policy Rate (MPR) by 50 basis points.

However, the long-term effects of Dr. Cardoso’s measures have been remarkable. Prices of goods and services, especially food items, have consistently fallen, leading to an improvement in the standard of living and a rapid decline in poverty and hardship. The impact is clear: inflation has begun to decline. After a rise from 2022 to 2024, the inflation rate dropped to 24.48% in January 2025 from 32.49% in December 2024.

Food inflation, which accounts for about 50% of Nigeria’s inflation, dropped from 39.84% to 26.08% year-on-year in January. This decrease led to a sharp drop in food prices. For example, beans went from over N11,000 to N8,000, and garri decreased from over N4,000 to between N2,000 and N1,500.

Cardoso introduced the Inflation-Targeting framework, which brought sweeping changes to stabilize prices, reduce currency volatility, and boost economic growth. His policies increased investor confidence, attracted foreign investments, and positively impacted businesses.

Dr. Cardoso also achieved Nigeria’s delisting from the FATF Grey List through transparent market stabilization measures. He introduced new guidelines for dormant accounts, suspended processing fees on cash deposits, and implemented the Early Warning Systems to further consolidate these gains.

Dr. Cardoso’s expertise and fiscal discipline transformed the forex market. By streamlining operations into a single framework, he brought stability, increased liquidity, and reduced market distortions. To promote economic management and coordination, Dr. Cardoso cleared 57 backlogged forex requests, reduced volatility, and increased external reserves.

He also strengthened monetary-fiscal coordination through the Fiscal and Monetary Policy Coordination Framework (FMPCF) and the Financial Services Regulation Coordinating Committee (FSRCC). Dr. Cardoso utilized advanced tools like Dynamic Integrated Analytic Modelling (OIAMOND) and the Macro Diagnostic Framework to build a robust fiscal regime. He prioritized staff training and capacity building, enhancing their competence in key areas.

His efforts led to the emergence of reliable, efficient, and customer-friendly financial institutions. Dr. Cardoso also regulated the activities of Bureau de Change operators, ensuring they complied with standard procedures and promoted national security and citizens’ well-being. Through effective control and deliberate reforms, he has brought about an outstanding level of customer protection, ensuring compliance with rules and objectivity, thereby limiting Fintech risks, fostering robust customer satisfaction and better engagement with formal financial institutions, going to the extent of enforcing sanctions on violators of unethical conducts to serve as deterrence.

The introduction of several key initiatives has transformed Nigeria’s financial landscape. The unified tracking system (UCTS) and USSD verification of licensed financial institutions have enhanced transparency and security. Additionally, registering Point-of-Sales operators with the Corporate Affairs Commission (CAC) has helped curb fraudulent activities.

Empowerment initiatives, such as the Women Entrepreneur Finance Initiative (We-Fi) Code and the updated National Financial Literacy Framework, have also been launched to support youths and women. These initiatives aim to improve the well-being of Nigerians, revive the agricultural and manufacturing sectors, and promote financial inclusion, business mentorship, and capacity building.

This indeed is the joyous story of pains to impactful gains. Dr. Olayemi Cardoso is turning around the story of the nation’s economy and things are getting better for the citizens through the reforms that he has initiated. As the months passed, the evidence of Nigeria’s transformation has become impossible to ignore. The economy is growing, and the people are beginning to feel the benefits.

A sense of hope and optimism began to spread as Nigerians from all walks of life started to believe in a brighter future. Today, Nigeria’s economy is unrecognizable from the fragile patient it once was. The country is on the move, driven by a newfound sense of purpose and determination. And at the heart of it all is a leadership that’s committed to creating a better future for all Nigerians.

The story of Nigeria’s economic rebirth will be etched in history, with Dr. Olayemi Cardoso’s name forever linked to its triumph. Like a phoenix rising from the ashes, the nation has emerged stronger, more resilient, and poised for greatness. Dr. Cardoso’s leadership has been the catalyst for this transformation, igniting a fire of hope that will continue to burn bright for generations to come.

Okanga a writes this piece from Abuja.