Hot Source*Say tax reforms to unlock fiscal space, spur infrastructure investment, job creation
Eromosele Abiodun and Nume Ekeghe in Washington, DC and Ndubuisi Francis in Abuja
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and Minister of State for Finance Doris Uzoka-Anite, yesterday, stressed that the bold reforms undertaken by the President Bola Tinubu’s administration in the past two years have set a strong foundation for Nigeria to pursue the next phase of its economic agenda anchored on inclusive growth, job creation, and poverty reduction.
This comes as the federal government disclosed that the World Bank has designated Nigeria as a priority country to help showcase a Universal Health Coverage (UHC) COMPACT.
Cardoso and Uzoka-Anite, noted that Nigeria’s ongoing economic reforms have restored investor confidence, driving fiscal stability, and positioning the country as a key player in Africa’s growth story.
Addressing journalists at a media briefing in Washington, D.C., to mark the conclusion of the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, which were held amid heightened global uncertainty, slowing growth, and volatile markets, Cardoso said the meetings provided Nigeria with a platform to showcase the tangible progress of its reform agenda and reaffirm its commitment to macroeconomic stability, fiscal discipline, and inclusive growth.
Cardoso, who was the leader of the Nigerian delegation, said the delegation held several engagements with the IMF, World Bank, International Finance Corporation (IFC), rating agencies Fitch, Moody’s, and Standard & Poor’s as well as global investors, fintech executives, development partners, and central banks.
He said: “The tone throughout has been one of confidence and constructive partnership. There is broad recognition that Nigeria’s reforms are delivering results. Inflation is moderating, the exchange rate has stabilised, and investor confidence is returning.”
“Nigeria’s focus remains steadfast, strengthening fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and inclusive growth.
“Fiscal and monetary authorities are working seamlessly to sustain stability, deepen reforms, and ensure that the benefits of policy actions translate into tangible improvements in the lives of Nigerians. “We return home encouraged by the confidence reaffirmed in our mission, determined to sustain this trajectory of stability, discipline, and shared prosperity.
“Our story is one of resilience of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy.”
He disclosed that headline inflation fell for the sixth consecutive month in September to 18.02 percent, from 20.12 percent in August the lowest in three years while the naira continues to strengthen, with the spread between the official and parallel market rates narrowing to below two percent.
Cardoso added that Nigeria’s foreign reserves now stand above $43 billion, providing more than 11 months of import cover, driven by sustained inflows and renewed investor participation across asset classes.
Cardoso further highlighted that public finances are in better shape, with improved revenue mobilisation, reduced cost of governance, and rising non-oil earnings that have strengthened fiscal stability.
“The removal of fuel subsidies and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment,” he said, adding that critical initiatives around infrastructure and human capital development were creating new opportunities for private sector capital deployment.
On monetary policy, the CBN Governor reaffirmed that orthodoxy had been restored, with the apex bank relying on traditional tools such as the Monetary Policy Rate (MPR), Cash Reserve Requirement (CRR), and Liquidity Ratio to manage liquidity and anchor expectations.
“Advanced analytics and artificial intelligence are being leveraged to strengthen monetary operations, enhance forecasting, and improve policy transmission—ensuring decisions are data-driven and forward-looking,” he said.
He noted that the bank recapitalisation exercise was progressing steadily, making Nigerian banks stronger, more resilient, and globally competitive, while foreign exchange reforms had enhanced transparency and efficiency in the market.
Cardoso added that Nigeria’s assumption of the chairmanship of the Intergovernmental Group of 24 (G-24), effective November 1, 2025, was a major milestone that reflected international confidence in the country’s leadership and growing influence in shaping the global financial architecture.
He concluded: “Nigeria’s focus remains steadfast strengthening fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and inclusive growth. Fiscal and monetary authorities are working seamlessly to sustain stability and ensure that the benefits of policy actions translate into tangible improvements in the lives of Nigerians.”
On her part, Uzoka-Anite said: “We highlighted the impact of ongoing reforms in sustaining macroeconomic stability. With improved fiscal management, we’re now prioritising investments in infrastructure, digital economy, and agriculture. Nigeria has also joined the World Bank’s agricultural innovation programme, which leverages blended finance to support women and youth-led agribusinesses.
“We expect higher government revenue next year with the rollout of new tax reforms and the digitisation of revenue collection. This will provide more fiscal space for investment in key sectors and stimulate job creation. Essentially, reforms are signaling the government’s direction, catalysing private investment, and empowering women and youth-led enterprises.”
Earlier, during a separate interview, Uzoka-Anite, said the country’s bold economic reforms and improving macroeconomic stability have continued to attract strong interest and commendations from global investors and development partners.
She added: “Now that our macroeconomic environment is stabilising and growth is positive, investors can bring in their funds freely and repatriate profits without FX restrictions. This has boosted investor confidence.
“We have seen a lot of interest in the Nigerian economy. At the investor conference yesterday, most participants were asking when Nigeria would return to the Eurobond market. When investors buy your Eurobonds, it’s a stamp of confidence in your economy.”
Meanwhile, the federal government has thanked the World Bank for designating Nigeria as a priority country to help showcase a Universal Health Coverage (UHC) COMPACT, as well as selecting Nigeria to lead efforts under the Africa Initiative for Access to Medicines and Local Manufacturing (AIM 2030).
The Universal Health Coverage COMPACT
is a coordinating mechanism to align and pool financial resources for national health priorities.
Uzoka-Anite expressed Nigeria’s appreciation at the Health Works Leaders Coalition roundtable on the sidelines of the ongoing meetings in Washington D.C.
World Bank’s designation of Nigeria was part of its support for the country’s efforts to achieve universal health coverage, as seen in the approval of new financing operations like the HOPE-PHC programme to improve primary healthcare.
At the Health Works Leaders Coalition roundtable, Uzoka-Anite highlighted the progress made in Nigeria’s health sector, as the federal government’s macroeconomic reforms continue to yield positive results.
She noted that despite challenges, the health sector has witnessed significant improvements, with increased funding and strategic initiatives aimed at enhancing healthcare delivery.
While acknowledging that there was still a significant funding gap in the health sector, she, however, noted that the federal government increased allocation to the Federal Ministry of Health and Social Welfare by almost 60 per cent in the 2025 appropriation.
The minister also highlighted the government’s efforts to boost financing and deepen value in the health sector, including the design, administration, and periodic review of Excise Tax on tobacco, alcohol, and sugar-sweetened beverages, with revenue from these excise taxes earmarked for Universal Health Coverage (UHC).
She added that the government has implemented a policy zero-rating medical equipment and drugs for Value Added Tax (VAT) purposes and secured concessionary financing in excess through the HOPE operation.
The minister underscored the need for a national compact to serve as a coordinating mechanism to align or pool fiscal resources toward national priorities, particularly in the health sector, and thanked the World Bank for recognising Nigeria as a priority country for showcasing its UHC COMPACT and for selecting Nigeria to lead efforts under the Africa Initiative for Access to Medicines and Local Manufacturing (AIM 2030).
She reiterated the government’s commitment to advancing reforms and promoting sustainable growth, with a focus on improving the lives of Nigerians.
While expressing optimism about Nigeria’s economic prospects, she called for continued support and partnerships to drive growth, productivity, and equitable development.
Uzoka-Anite commended the Ministry of Health under the leadership of Prof. Ali Pate, and other relevant stakeholders, for their collaborative efforts in driving progress in Nigeria’s health sector.
This achievement, she said, “is a testament to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes improving the nation’s health and well-being.”
