ABUJA, Nigeria — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians—particularly policymakers and stakeholders—to pay closer attention to critical economic policy documents such as the Nigeria Development Update (NDU) by the World Bank, describing it as an underutilised resource that could help inform national discourse and decision-making.
Speaking at the launch of the May 2025 edition of the NDU in Abuja on Monday, May 12, 2025, Mr. Cardoso praised the biannual report for its concise and insightful analysis but lamented the low level of public engagement with it.
“I think it’s a very useful document, and I really do want to commend the World Bank for taking the time and the effort to put this out every six months,” he said.
“However, I do feel that Nigerians perhaps don’t read enough. They don’t take advantage of, and policymakers by extension, of such useful analysis, which is readily available.”
He highlighted a concerning data point from a previous edition, noting that “barely 1,000 or 2,000 people had downloaded that particular document” despite its relevance.
“In some areas we are not necessarily on the same page, to be honest, but it’s still a useful framework to start to understand the complexities of the situation,” Mr. Cardoso added.
Addressing Nigeria’s macroeconomic outlook, the CBN governor underscored the bank’s ongoing efforts to maintain price and financial stability, noting a significant reduction in foreign exchange volatility.
“The volatility in FX rates has considerably moderated,” he said.
“It was about 4 percent about a year ago, and now it’s down to less than half percent.”
Mr. Cardoso reaffirmed the CBN’s commitment to proactive risk management and orthodox monetary policy, stating that inflation, though still persistent, was beginning to ease.
“We believe that if we continue the course of orthodox monetary policy… which has brought about results, then over time, the inflation should moderate. Of course, with that would go moderation in interest rates as well.”
Also speaking at the event, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the centrality of investment in driving productivity, economic growth, and job creation.
“In terms of where we go next, the key is investment; it is investment that allows increases in productivity that grows the economy, creates high quality jobs that lift Nigerians out of poverty in their millions,” Mr. Edun said.
“We’re trying to go to 7% growth.”
He noted an encouraging uptick in investor interest across various sectors, from technology and telecommunications to manufacturing, describing it as “momentum” that would eventually show in national economic data.
“There’s a momentum to invest in Nigeria,” he said.
“It’s anecdotal for now, but it will reflect in the figures.”
Mr. Edun also highlighted the administration’s commitment to expanding the social safety net through biometric verification and digital payment systems, ensuring that targeted interventions reach the most vulnerable Nigerians.
“Every effort is being made to digitise the way in which we reach out and directly help Nigerians… with biometric unique identification,” he said.
