By Amah Alphonsus Amaonye | Abuja
In a landmark address this week, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso urged Nigerians and policymakers alike to recognise that “this economy belongs to all of us,” and stressed that the gains made through recent reform must be defended with collective resolve.
Delivered at the bank’s annual Executive Policy Seminar in Abuja, Governor Cardoso’s remarks reflect a renewed push for inclusive growth, shared responsibility and strengthened institutional trust amid Nigeria’s ongoing economic reforms.
Key Messages from Cardoso’s Speech
- “No one has a monopoly of the economy,” Cardoso declared, emphasising that a pass-the-buck mindset — “I am fine; others can sort themselves out” — undermines national economic progress.
- He noted the progress achieved in the past two-and-a-half years of reform, but cautioned that “we must protect the gains so far made” or risk reversing them.
- The Governor reiterated CBN’s commitment to credible policy, transparent markets, price stability and investor confidence — including an inflation-targeting framework and market-based exchange rate regime.
- He called for greater alignment between monetary and fiscal authorities, highlighting that economic resilience requires coordinated action across government and society.
- Heavy emphasis was placed on inclusion: boosting SME access to finance, supporting the creative industries, and improving governance so that “you do not need to know the Governor … to access legitimate services.”
Why This Matters Now
Nigeria is undergoing one of its most significant economic reform episodes in years:
- The CBN reports that net foreign exchange reserves rose to US$23.11 billion in 2024, up markedly from prior years, a sign of improving external liquidity.
- Market observers at institutions such as JP Morgan have flagged Nigeria as a frontier-market opportunity following the reforms and improved data transparency.
- At the same time, Nigeria faces headwinds: inflation remains elevated, currency pressures linger and structural reforms in non-oil sectors are still in nascent stages.
In this climate, the Governor’s message serves both as reaffirmation and accountability: the progress achieved must be shared and safeguarded.
What the “Belongs to All” Concept Implies
- Social inclusion: By emphasising inclusivity and access, Cardoso is signalling that economic reforms should benefit ordinary Nigerians — not just elites or financial markets.
- Shared accountability: The phrase suggests that economic outcomes are the result of collective action — citizen behaviour, government policy and market discipline all matter.
- Institutional reform and trust-building: The insistence that operations at the CBN should not depend on personal influence underscores a push for improved institutional fairness and credibility.
- Policy endurance: The message implicitly warns against reversal of reforms, political instability or governance failures that could unravel gains.
Potential Challenges & Risks
- Public fatigue: While reforms have delivered technical improvements, many Nigerians still feel the pain of high inflation, fuel costs and currency instability — making the inclusive message imperative but challenging.
- Uneven benefits: If the perception grows that only certain sectors or regions are benefiting from reforms, the “belongs to all” message may ring hollow.
- Policy-delivery gap: Reforms must translate into accessible credit, job creation, and real income gains for average Nigerians. Without that, trust may erode.
- Global headwinds: External shocks — commodity price dips, currency turbulence, geopolitical risks — remain real and could undermine domestic progress.
What’s Next: The Way Forward
- CBN is expected to deepen its inflation-targeting regime, monitor liquidity closely, and work in concert with the Federal Ministry of Finance, Nigeria to ensure fiscal-monetary coordination.
- Expansion of finance to MSMEs, support for creative industries (notably the Music+Film sector), and stronger credit infrastructure are likely to feature in upcoming policy rounds.
- Transparency and communication efforts will intensify: Cardoso highlighted the need for more engagement, data disclosure and stakeholder education.
- At the political level, sustaining reform momentum will require broad buy-in from state governments, private sector, civil society and citizens — aligning with the “economy belongs to all” mantra.
Bottom Line
Governor Cardoso’s message is more than rhetorical—it signals a shift from reform momentum to reform sustainability. By calling the economy a shared asset, he places responsibility on both government and citizens to safeguard the progress made. The road ahead remains steep, but the tone set today suggests Nigeria is attempting to move beyond crisis-management to inclusive growth.
If the message is heeded, the phrase “economy belongs to us all” could become a rallying motto for reform-era Nigeria. If not, the risks of reversal, exclusion or reform fatigue loom large.
