Nigeria's Fiscal Crisis

Olayemi Cardoso, Governor of the Central Bank of Nigeria, says Nigeria's fiscal crisis forced creative revenue generation and stabilisation efforts.

“When you are going through a crisis, it forces you to be creative”

Panel Discussion Context

Cardoso spoke on Thursday at a high-level panel themed 'Debate on the Global Economy: Forging Resilient and Dynamic Economies for the Future' held in Bangkok, Thailand.

Current Foreign Reserves

Nigeria's gross external reserves stand at $55.1 billion, with net foreign reserves at about $46 billion, according to the Central Bank of Nigeria.

Inherited Fiscal Situation

The government inherited external reserves of about $3 billion and sundry obligations of $7 billion when the new administration took power.

Orthodox Policy Response

The orthodox monetary policy helped pay the debt and stabilise the economy, but reliance on oil revenue was not sustainable.

Diversification Strategy

The Central Bank looked at diaspora and international remittances to remove bottlenecks and ease capital flow.

Scepticism and Results

Cardoso said the policy decisions seemed impossible to everyone and people laughed, but they paid off.

Dangote Refinery Focus

The Central Bank points to the Dangote Refinery as a key contributor to growth and foreign exchange stability.

Global Economic Challenges

Participants explored how economies can preserve stability amid global divergences and harness AI for growth.

Panel Participants

The debate featured IMF Managing Director Kristalina Georgieva and Hellenic Republic's Minister of Economy and Finance Kyriakos Pierrakakis.