Nigeria: Nigeria's Fiscal Crisis Forced Us to Be Creative, Look Beyond Oil Revenues - Cardoso

What the report says

Olayemi Cardoso, governor of the Central Bank of Nigeria, said Nigeria’s fiscal strain pushed economic officials to look for more creative ways to raise revenue and stabilize the economy, according to Premium Times via AllAfrica. He made the remarks on Thursday during a panel discussion on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.

Cardoso said the new administration inherited a difficult financial situation, with external reserves having fallen sharply and the country carrying several billion dollars in obligations. He argued that this experience showed oil revenue could not remain the main foundation for national finances, and said the central bank moved to support diversification and ease barriers to diaspora remittances and other capital inflows.

He also said some of the policy choices initially faced skepticism but later helped improve conditions. The report noted that Nigeria’s gross external reserves have since recovered to $55.1 billion, with net foreign reserves around $46 billion, alongside relative stability in the foreign exchange market.

The discussion took place on a broader IMF-World Bank panel focused on resilience, growth, and the use of reforms and innovation to help economies withstand repeated shocks. Other participants included IMF Managing Director Kristalina Georgieva and Greece’s economy and finance minister Kyriakos Pierrakakis.