The Governor of the Central Bank of Nigeria, Olayemi Cardoso has indicated that Nigeria could witness increased investment inflows this year, citing the significant growth recorded in the country’s financial system over the past two decades, which has strengthened confidence in the banking sector.
Cardoso made the remark while delivering a lecture as guest speaker at the alumni event marking the Founders’ Day of St. Gregory’s College. The lecture was themed “Strong Foundations: From the Classroom to the Capital Base.”
According to him, the guiding principle behind the ongoing reforms in Nigeria’s economic and financial system is a return to fundamentals, disciplined policy implementation, and the rebuilding of strong institutional foundations.
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The CBN governor said that Nigerian banks now operate across multiple African markets, financing trade, infrastructure, entrepreneurship, and investment.
“Today, unlike the past, when I visit overseas and I talk to the investment community, there is a very strong inclination to invest within the banking system. And to be frank, it has already started happening. I think this year, we will see some very major announcements in that respect.”
He however noted that growth on its own was not enough but must be matched by resilience, stating that as economies expand and financial systems deepen, institutions must also strengthen their capacity to support that growth in a sustainable way.
“Economic systems do not thrive on optimism alone, they require discipline, credible institutions, sound policy frameworks, and resilient financial systems. Just as education equips a young person to navigate uncertainty, strong financial foundations equip an economy to withstand shocks and support sustainable growth,” Cardoso stressed.
Speaking on the CBN’s banking recapitalisation Programme that was introduced in 2024, Cardoso said the initiative was much more than a regulatory adjustment.
“It is a strategic reform designed to ensure that Nigeria’s banking sector is strong enough to support the scale of investment needed for the country’s economic transformation. Strong capital brings three critical benefits. First, it protects banks against unexpected shocks.
Secondly, it expands their ability to lend, supporting businesses and economic activity across the country. And third, it strengthens confidence among depositors, investors, and international partners.” Cardoso stated.
The apex bank boss said as of March 12, 2026, thirty-three banks have successfully raised additional capital, and thirty have already met the new minimum capital requirements for their respective license categories, explaining that the remaining institutions are currently undergoing the Central Bank’s routine verification process in line with the established compliance timeline.
He said that the CBN had to return to an orthodox monetary policy environment, while also resisting pressures to continue quasi-fiscal interventions that previously distorted the macroeconomic landscape.
According to Cardoso, “A lot of the distortions that we had; the increase in inflation, the instability and the huge depreciation in foreign currency, came as a result of excess money supply, printing money through ways and means on an unprecedented level.”
On inflation, Cardoso said that the fight has been resolute, saying that the tight monetary policy stance adopted significantly contributed to bringing inflation down from a peak of 34% to around 15%.
“And I must tell you that our goal is to bring it down to a single digit. And this is not something that can be accomplished overnight, we don’t delude ourselves into saying it can. But feel that we must, either in my dispensation or the ones after me, have that as a resolute focus. Because inflation is a tax, unfortunately, the people who feel it the most are the poor.”
On the theme for the day’s lecture “Strong Foundations: From the Classroom to the Capital Base”, the Apex bank boss emphasised that the principles that shape strong individuals are the same principles that ultimately shape strong institutions and strong economies.
He said that Institutions like St. Gregory’s do more than educate, but build foundations, cultivate character, discipline, intellectual curiosity, and integrity, stressing that these are not abstract virtues but practical tools that shape how individuals make decisions, manage responsibility, and navigate uncertainty throughout life.
The CBN governor further urged all Old Boys’ Associations to ensure that they have a place in strategic places in society, as Old Boys’ Associations are pivotal to the growth of the school.