Improved Security, Consistent Economic Reforms Triggered $8bn Energy Investments – Cardoso

Source: Leadership

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria has attracted over $8 billion in new energy investments. This is a clear signal that the country's economic reforms and improved security are restoring investor confidence.

The announcement came at the conclusion of the IMF/World Bank Annual Meetings, where Nigeria will assume the G-24 chairmanship on November 1, 2025.

Speaking to journalists, Cardoso attributed the surge in investments to improved security in oil-producing regions and consistent economic reforms over the past two years. 'Reduced insecurity in oil-producing areas and targeted incentives have increased production and attracted over $8 billion in new energy investments,' he said.

The CBN governor highlighted reforms including foreign exchange unification, monetary tightening, and fiscal consolidation, which he said are beginning to yield tangible results: moderating inflation, stabilising the exchange rate, and restoring investor trust.

Cardoso warned against 'reform fatigue,' urging continuity and policy consistency to consolidate gains. '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,' he said.

Cardoso also highlighted the CBN's growing engagement with fintech companies, emphasising the need for innovation and regulation to progress hand in hand to ensure inclusive and responsible growth. 'We had several engagements with fintech operators to understand their challenges and develop a roadmap for sustainable growth,' he noted.

Speaking further 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.

"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.

"So we expect we will get support from different angles of the economies and countries like the Americas, etc. I see that as a very positive sign for us. I am confident that with what we have done regarding policy."