# Nigeria's Fiscal Crisis Forced Creative Revenue Solutions

> Nigeria's central bank governor reveals how fiscal crisis pushed the country to diversify beyond oil revenues.
- Title: Nigeria's Fiscal Crisis Forced Creative Revenue Solutions
- Summary: Nigeria's central bank governor reveals how fiscal crisis pushed the country to diversify beyond oil revenues. Nigeria's central bank governor says fiscal…
- Keywords: central bank of nigeria, nigeria, fiscal crisis, oil revenues, revenue diversification, dangote refinery, foreign reserves, imf, news, world, politics, Nigeria's
- Source: Allafrica — https://allafrica.com/stories/202610150469.html
- Published: 2026-10-15T15:17:42+00:00
- Read time: 1 min
- Topics: central bank of nigeria, nigeria, fiscal crisis, oil revenues, revenue diversification, dangote refinery, foreign reserves, imf, news, world, politics
## 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.
## Key takeaway

Nigeria's central bank governor says fiscal crisis forced creative revenue strategies beyond oil to stabilize the economy.