Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigeria’s ongoing economic reforms have strengthened the country’s capacity to withstand possible shocks arising from the escalating tensions in the Middle East.
Cardoso made the remarks on Thursday while delivering a Distinguished Alumni Lecture during the Founders Day celebration of St Gregory’s College Lagos in Lagos.
He noted that the global economy was entering another period of uncertainty, largely driven by geopolitical tensions surrounding the growing conflict involving the United States, Israel and Iran.
According to the CBN governor, the situation could trigger higher global energy prices, disrupt supply chains and make international investors more cautious about deploying capital in emerging markets.
Despite these concerns, Cardoso maintained that Nigeria was better prepared to weather such external shocks due to policy adjustments implemented in recent years.
“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 highlighted progress in Nigeria’s foreign exchange market, noting that reforms introduced by the apex bank have improved liquidity and operational efficiency.
According to him, the measures have removed longstanding distortions in the forex system and boosted 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.
The CBN governor added that Nigeria has begun to see a recovery in foreign capital inflows as confidence in the country’s economic direction gradually returns.
He further disclosed that Nigeria’s external reserves have risen significantly, recently surpassing $50 billion — the highest level recorded in more than ten years — a development he attributed to improvements in the country’s balance of payments and stronger investment inflows.
Speaking directly to students at the event, Cardoso encouraged young Nigerians to prepare themselves for opportunities in a rapidly evolving, technology-driven global economy.
He emphasised that future career success would increasingly depend on adaptability and the ability to combine knowledge from different fields.
Cardoso therefore urged the students to cultivate curiosity, discipline, integrity and adaptability, describing them as essential qualities for leadership and long-term success in an increasingly complex world.
