“NIGERIA BUILDS SHOCK ABSORBERS: CBN GOVERNOR CARDOSO REVEALS ECONOMIC RESILIENCE”
GREATRIBUNETVNEWS–Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has announced that Nigeria has created buffers against potential economic shocks. Speaking at a media briefing in Washington, Cardoso attributed the country’s resilience to earlier reforms .
Economic Resilience
Cardoso highlighted Nigeria’s improved economic fundamentals, including :
– Competitive currency: A more competitive naira has contributed to a positive balance of trade surplus.
– Positive balance of trade: Expected to reach 6% of GDP and remain stable for some time.
– Reduced exposure : Except for oil, the economy is less exposed to shocks.
Future Outlook
With these buffers in place, Nigeria is better equipped to navigate economic challenges. The CBN’s efforts to anchor expectations have also been well-received, providing stability and confidence in the economy .
The CBN governor said Nigeria was completely restructuring its economy, with a competitive currency encouraging people to go into domestic production, and also discouraging inputs.
On G-24 stance on advancing its members interest, Cardoso said that under the leadership of Argentina as chair, the group had advanced the course with the voice of the emerging economies.
“It has been able to get a greater, a more effective seat at the table, especially with respect to the Bretton Woods institutions and getting our voices heard.
“I think that, in itself, is a major step forward. So, my expectation is that the good work that has been done will be further deepened in the years ahead,” he said.
About the Author
