Nigeria’s economy is in ‘Stabilisation Phase’ — CBN

The Central Bank of Nigeria (CBN) says the stage in Nigeria’s economic transformation roadmap shows the country is currently in the stabilisation phase.

The CBN Governor, Mr Olayemi Cardoso, made the assertion at the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook launch, on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the summit had “Economic Transformation Roadmap: Medium-Term Policy Priorities” as the theme.

The CBN governor noted that the NESG’s focus on a roadmap “resonates” with the CBN’s recently launched strategy, suggesting that both plans share similar visions for Nigeria’s economic future.

He named the apex bank roadmap for achieving its mandates as – ensuring monetary, price, and financial system stability as a catalyst for inclusive growth and sustainable development.

Cardoso noted that the CBN’s strategy, which had three core themes – price stability, a robust financial system, and good governance, aligned well with the NESG’s call for distinct, interconnected phases in its roadmap.

According to him, these form the pillars around which all our actions and activities will revolve, enabling us to deliver on our mission.

He noted that the work had already started internally within the Bank and across the banking industry, emphasising the apex bank’s commitment to rebuilding an institution that is trusted and respected and promoting confidence in the economy.

“Additionally, the NESG economic transformation roadmap delineates three distinct phases: Stabilisation, Consolidation, and Acceleration, with sequential steps and policy priorities aimed at fostering robust and sustainable economic transformation.

“The identification of potential `Inflection Points’ is crucial for strategic decision-making. This is also commendable as, I believe we are as a nation at the point of stabilisation.

“If the goals of the stabilisation phase are achieved, they will have a significant and immediate impact.

“This phase is focused on stabilising macroeconomic indicators such as inflation rate, GDP growth, fiscal balance, and exchange rate, which are essential for steering the country towards economic recovery and laying the groundwork for long-term economic transformation.’’