The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, announced that Nigeria’s gross external reserves have surpassed the $50bn mark, reaching their highest level in over 13 years.
Delivering the Distinguished Alumni Lecture at St. Gregory’s College, Lagos, in commemoration of the institution’s Founders’ Day on Thursday, Cardoso attributed the impressive growth in reserves to a return to orthodox monetary policy, improved export earnings, and sustained investor confidence in the nation’s economic reforms.
Cardoso told the distinguished audience of alumni, staff, and students, that Nigeria’s recent economic stability is the result of deliberate, disciplined policy choices.
“Stability cannot be restored through short-term fixes alone. It requires a return to fundamentals, disciplined policy, and the rebuilding of strong institutional foundations,” he said.
The governor highlighted several key achievements, noting the elimination of multiple exchange rate systems and the reduction of the parallel market premium from 50 per cent in 2022 to less than two per cent today.
Furthermore, he pointed to a nearly 200 per cent increase in capital and investment flows between 2023 and 2025, alongside a resolute focus on tight monetary policy, which has helped bring inflation down from a peak of 34 per cent to approximately 15 per cent.
Speaking to the students of his alma mater, the governor urged them to embrace a multidisciplinary approach to their future careers, noting that in a world increasingly shaped by artificial intelligence, fintech, and digital platforms, success will reward those who can combine creativity, technology, and analytical rigor.
“The careers of the next twenty or thirty years will reward those who are curious, adaptable, and willing to learn beyond the limits of a single field of study,” he stated.
He assured the audience that with the structural foundations now in place, Nigeria is in a far stronger position to withstand external shocks and ensure long-term, sustainable growth
GIK/APA