Tinubu’s Reforms Are Tough but Effective — CBN Governor Cardoso

|Babatunji Wusu-

-CBN Governor Hails Tinubu’s Tough Reforms as Game-Changer
–Says Economic Trajectory Is Now Turning Positive Despite Challenges

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the economic reforms rolled out by President Bola Ahmed Tinubu’s administration over the past eighteen months are beginning to deliver solid results, despite being tough on Nigerians.

Cardoso made the declaration in excerpts released after the conclusion of the 2025 IMF/World Bank Spring Meetings held in Washington, D.C., United States.

He stated that Nigeria’s delegation attended the global meetings to showcase the economic turnaround driven by Tinubu’s bold reforms.

“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks,” Cardoso said.

Acknowledging the pain citizens are enduring, Cardoso stressed that the reforms were yielding positive outcomes.

“To all Nigerians: these reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength, and our economic trajectory is beginning to turn positive,” he added.

Recall that President Tinubu’s government, in 2023, liberalized the foreign exchange market, removed the petrol subsidy, and floated the naira as part of sweeping changes to revive the economy.

At the CBN level, Cardoso introduced several key measures, including the Electronic Foreign Exchange System (EFEMS), the FX code, and the recapitalization of Nigeria’s financial sector to strengthen financial institutions.

While Cardoso’s reforms continue to reshape the economy, data shows that inflation dipped to 23.18% in March 2025, and the interest rate stood at 27.50% in February 2025 — even as Nigerians continue to battle a rising cost of living.

Despite the hardships, the CBN Governor expressed optimism that Nigeria is moving towards a more resilient and prosperous economic future.