Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the global economy has weathered global fragmentation but warned that Nigeria and other economies cannot afford to rest on their oars.
Cardoso stated this at the press briefing after the conclusion of the 2026 Annual Meetings of the World Bank in Bangkok, Thailand, on Saturday.
“In spite of global fragmentation, the global economy has weathered it. But there is an appreciation that we cannot afford to rest on our oars,” Cardoso said.
He stressed the importance of creating an enabling environment for the private sector to drive investment, growth and job creation.
“The importance of the private sector is to ensure an enabling environment is put in place to invest, thrive and create jobs,” he said.
The CBN Governor said collaboration between government and the private sector has become more critical than ever.
“There has not been a greater time for collaboration across governments and the private sector than now. We find that people watch everything that goes on in the economy these days,” he added.
In his remarks at the briefing, Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government is targeting a 7 per cent economic growth rate as part of efforts to accelerate development.
Oyedele said the government is focused on driving growth across all sectors, noting that pressures previously driven by foreign exchange have eased.
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“The pressure is now coming from food, energy and logistics. It used to be FX, but no more. We are dealing with it decisively,” he said.
According to him, the country is on a path of accelerated growth, citing the recent overhaul of the tax system.
“We chose that phrase because indeed we are rising. Nigeria is a world case study that we should be proud of. We rewrote the entire tax system in a few years. This means we are on the path of accelerated growth,” he said.
He urged Nigerians to be more positive and pay closer attention to government reforms.
“We encourage Nigerians to pay attention to what the government is doing. Be more positive about your country. There are opportunities everywhere,” he added.
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