CBN Promises Economic Gains Will Soon Reach Ordinary Nigerians

(CBN Governor, Olayemi Cardoso. Photo Credit: Punch News)

The Central Bank of Nigeria says the benefits from improvements in the economy will soon reach ordinary Nigerians and businesses as reforms continue to work.

CBN Governor Olayemi Cardoso, represented at a banking conference by Deputy Governor Philip Ikeazor, acknowledged that while major economic numbers are improving, many Nigerians have not yet felt better off.

Philip Ikeazor said the central bank is working with government financial officials to make sure economic gains translate into better conditions for everyday people.

He said some government reforms are coming soon and will work together with the bank's measures to help ordinary Nigerians feel the improvements.

Olayemi Cardoso's team credited improved coordination between the central bank and government for the economic progress, calling it unprecedented.

They also praised President Bola Tinubu for allowing the bank to focus on its core job.

However, many households and businesses continue to struggle with high costs of living and expensive borrowing.

President Tinubu, represented at the conference by Finance Minister Taiwo Oyedele, said that economic stability is important but should not be confused with prosperity.

Tinubu said stability has returned and confidence is growing, but the real test now is converting that stability into investment, jobs and better living standards.

Dr Dele Alabi, the banking institute's chairman, said while the country has made progress at the national level, the challenge now is getting those gains down to regular Nigerians, small businesses and families.

He said the next phase of reforms must move from national-level balance sheets to business and household budgets, especially as millions of small and medium businesses struggle with high costs and limited access to loans.

Oliver Alawuba, chief of United Bank for Africa, noted that recent economic numbers show the country is moving in the right direction.

He pointed to economic growth, falling inflation and rising foreign reserves.

But he said the banking sector needs to do more by giving more affordable loans to small businesses, farms, factories and export companies.

Mathew Verghis, the World Bank's country director for Nigeria, represented by Senior Specialist Bertine Kamphuis, said the reforms are real but job creation must now become the key test.

The World Bank noted that private businesses in Nigeria get only about 13 per cent of available credit, while small and medium businesses get only one per cent despite their importance for creating jobs.

The bank said stability should help channel more money to businesses that can grow and hire workers.