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Central Bank of Nigeria Governor Olayemi Cardoso on Wednesday accused Nigerians of overlooking positive economic developments.
Cardoso claimed that public criticism often overshadows gains from reforms aimed at stabilising the economy.
“I think Nigerians tend to perhaps be their worst enemies. The good things that we see, we want to trash away; it’s the bad things that we want to push out,” Cardoso said at the IMF-World Bank Annual Meetings in Bangkok.
He argued that Nigerians were benefiting from economic stability even when its effects were not immediately apparent in their daily lives.
Cardoso cited efforts to reduce inflation, stronger external reserves and the naira’s performance as developments that helped shield the country from external economic pressures.
“Arguably the most vicious tax you have on the poor is inflation,” he said, stressing that bringing inflation down directly affected ordinary Nigerians.
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
The central bank governor said Nigeria’s external reserves had reached their highest level in 18 years, providing a buffer against international shocks, including the effects of war and uncertainty surrounding tariffs.
Cardoso also said the naira had remained stable and appreciated, arguing that this had direct and indirect effects on the population.
He acknowledged that some Nigerians might question what economic stability meant for them personally, but insisted that its absence would have more damaging consequences.
“If it wasn’t there, then you would feel it in a very negative way,” he said.
