Washington: The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that Nigeria has successfully developed resilience and established buffers to safeguard its economy against potential global shocks. Cardoso made this statement during a media briefing by the G-24 on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF)/World Bank Group.

According to News Agency of Nigeria, Cardoso emphasized Nigeria’s fortune in having implemented necessary measures well in advance. This foresight has enabled the country to anchor expectations effectively, providing a sense of comfort to those monitoring the Nigerian economy. He pointed out that while oil remains the primary exposed commodity, its impact has been relatively modest. Furthermore, Nigeria now boasts a competitive currency, contributing to a positive balance of trade surplus projected to be around six percent of the Gross Domestic Product (GDP), which is expected to remain stable in the foreseeable future.

Cardoso also highlighted ongoing efforts to restructure Nigeria’s economy comprehensively. The competitive currency is pivotal in encouraging domestic production and reducing reliance on imports. Addressing the G-24’s role, Cardoso noted that under Argentina’s leadership as chair, the group has successfully amplified the voices of emerging economies, securing a more impactful presence in discussions with Bretton Woods institutions. He expressed optimism that these advancements would continue to evolve and strengthen in the years to come.