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Nigerians are benefiting from economic stability even if they do not immediately recognise its impact on their daily lives, Central Bank of Nigeria Governor Olayemi Cardoso said at the IMF-World Bank Annual Meetings in Bangkok on Wednesday.
Cardoso said lower inflation, stronger external reserves and a more stable exchange rate were helping to protect Nigerians from economic pressures, arguing that the benefits of stability were often more apparent when compared with the consequences of its absence.
“Arguably the most vicious tax you have on the poor is inflation,” he said, adding that bringing inflation down affected ordinary people as well as the wider economy.
He also pointed to Nigeria’s external reserves, which he said had reached their highest level in 18 years, describing them as a buffer against international economic shocks.
“Without that, a lot of the headwinds that other countries face, we would be facing them, in fact, in a perhaps worse way than they are facing,” Cardoso said.
He attributed the country’s resilience to reforms and policies introduced before external pressures intensified, including the effects of war and uncertainty surrounding tariffs.
Speaking at the IMF–World Bank Annual meetings in Bangkok, Central Bank of Nigeria Governor Olayemi Cardoso says Nigerians benefit from economic stability, even if they do not immediately feel its effects. pic.twitter.com/xZ066Vs2G3
— News Central TV (@NewsCentralTV) October 14, 2026
Cardoso said the naira had remained stable and appreciated, with consequences for Nigerians both directly and indirectly.
“I think it’s a misnomer to say, well, what does this mean for me? I’m not feeling it,” he said. “You do; you feel it, definitely feel it.”
He urged participants at the meeting to help explain the effects of economic stability to the public, saying it creates conditions for investment and growth.
“The stability, which is setting the platform for investment and, in turn, setting the platform for growth,” he said.
‘Nigerians tend to be their worst enemies’
Cardoso said Nigerians tend to dismiss positive developments.
“I hate to say something, but I will say it. I think Nigerians tend to perhaps be their worst enemies. The good things that we see, we want to trash away, is the bad things that we want to push out,” he said.
“Unfortunately, in this case, it’s nothing bad. The stability, which is setting the platform for investment, and in turn, setting the platform for growth.”
