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By Babajide Komolafe
Governor of theCentral Bank ofNigeria, Olayemi Cardoso, yesterday said Nigeria’s ongoing macroeconomic reforms have positioned the economy to withstand potential shocks arising from escalating tensions in the Middle East.
Cardoso stated this while delivering a Distinguished Alumni Lecture at the Founders Day celebration of St Gregory’s College Lagos in Lagos.
He noted that the global economy is currently facing renewed uncertainties triggered by geopolitical tensions, particularly the evolving crisis involving the United States, Israel and Iran, which could lead to higher energy prices, supply chain disruptions and increased risk aversion among global investors.
However, according to him, the reforms implemented over the past two years have strengthened Nigeria’s macroeconomic buffers and placed the country in a better position to navigate the external shocks arising from the crises.
He stated: “Today, the global economy is facing renewed shocks, including continued geopolitical tensions and developments in the US–Israel–Iran conflict. These events have the potential to push energy prices higher, disrupt supply chains and increase risk aversion among global investors.
“But the macroeconomic reforms and policy buffers we have built over the past two years have placed Nigeria in a far stronger position to navigate these challenges. The storms may come, but our house will stand firm.”
Cardoso also disclosed that the country’s foreign exchange market has become more liquid and efficient following policy reforms introduced by the apex bank.
He explained that deliberate measures by the Central Bank had eliminated distortions in the foreign exchange market and restored investor confidence.
“Today, the foreign exchange market operates with far greater liquidity and efficiency, while the backlog of unmet demand has been cleared. Market participants are now able to transact without relying on extraordinary Central Bank interventions,” he said.
He further disclosed that Nigeria has witnessed a significant improvement in capital inflows in recent years as investor confidence gradually returns.
He added that Nigeria’s external reserves have also strengthened, recently exceeding $50 billion, the highest level in more than a decade, supported by improved balance of payments and increased foreign investment.
Urges students to build digital skills
Addressing students at the event, Cardoso urged young Nigerians to equip themselves with skills relevant to the emerging digital and technology-driven global economy.
According to him, the careers of the future will increasingly favour individuals who possess multidisciplinary skills and the ability to adapt to rapidly changing technological environments.
He therefore advised students to cultivate curiosity, discipline, integrity and adaptability, stressing that these qualities remain essential foundations for leadership and success in an increasingly complex global economy.