Macroeconomic gains will soon benefit households – CBN

The Central Bank of Nigeria has assured Nigerians that the benefits of the country’s improving macroeconomic indicators will soon filter through to households and businesses as ongoing fiscal and monetary reforms begin to take effect.

The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja.

Cardoso, who was represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, acknowledged concerns that improvements in major economic indicators had yet to translate fully into better living conditions for many Nigerians.

He said the monetary authority was working closely with the fiscal authorities to ensure that the gains from stabilising the economy eventually translate into improvements at the household and business levels.

“I can assure you, all watchers of the economy have acknowledged the macroeconomic stability we have today. But the question that remains on everyone’s mind is, when will the common man feel the full benefits? That is on its way because of this same collaboration that I’m talking about,” Ikeazor said.

According to him, some reforms being implemented by the fiscal authorities are expected to begin producing results soon and complement the measures already taken by the apex bank.

“Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man,” he added.

The CBN official attributed the improvement in macroeconomic conditions partly to stronger coordination between monetary and fiscal authorities, describing the level of collaboration as unprecedented.

He also credited President Bola Tinubu with allowing the apex bank to focus on its statutory mandate, saying the reforms undertaken by the CBN were implemented alongside other stakeholders.

The assurance comes amid continued pressure on households and businesses from elevated living costs, financing expenses and the cumulative impact of economic reforms introduced since 2023.

President Bola Tinubu, represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also acknowledged that improvements in macroeconomic indicators should not be confused with prosperity.

“Stability has returned. Credibility is rising. Prosperity is coming,” Tinubu said. “These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”

He said the next phase of the government’s reform programme would focus on converting stability into investment, production, jobs and improved living standards, with the banking and financial services industry expected to play a major role in financing the real economy.

Speaking at the conference, the President and Chairman of Council of the CIBN, Dr Dele Alabi, said the country had recorded improvements at the macroeconomic level but stressed that the next challenge was ensuring the gains reached ordinary Nigerians.

“While significant milestones have been achieved in the country at the macro level, we have not yet reached our final destination,” Alabi said.

“It is imperative for the gains made in terms of macroeconomic fundamentals to be cascaded to the micro level — the households, the individuals and businesses.”

He said the next phase of reforms should move stability from national balance sheets to business balance sheets and household budgets, particularly as millions of micro, small and medium-sized enterprises continue to struggle with high operating costs, infrastructure constraints and limited access to finance.

Also speaking, the Chairman of the Body of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc, Oliver Alawuba, said recent economic indicators suggested that the country was moving in the right direction.

Alawuba cited the 4.43 per cent year-on-year growth in gross domestic product in the second quarter of 2026, easing inflation and strengthening external reserves as signs of improving macroeconomic conditions.

However, he argued that greater fiscal and monetary coordination would still be required to preserve the gains and channel more credit to productive sectors. “These are signposts. They are mileposts. They are not the destination,” Alawuba said.

He added that recapitalised banks must increasingly convert their stronger balance sheets into affordable credit for MSMEs, agriculture, manufacturing, infrastructure and exports.

In a keynote address, the World Bank Country Director for Nigeria, Mathew Verghis, represented by the bank’s Senior Private Sector Specialist, Bertine Kamphuis, similarly said Nigeria’s recent reform gains were real but maintained that job creation should become the next major test of economic policy.

The World Bank noted that domestic credit to Nigeria’s private sector remained at about 13 per cent of GDP, while MSMEs received only about one per cent of credit despite their importance to employment.

It argued that stability should serve as a platform for moving capital towards productive enterprises capable of expanding and creating employment.