As confidence gradually returns to Nigeria’s financial markets, the Central Bank of Nigeria (CBN) has intensified its global investor outreach, positioning the country as a credible destination for long-term capital.
With signs of improving stability, stronger reserves and renewed foreign interest, the apex bank under the leadership of Olayemi Cardoso is taking Nigeria’s reform story directly to global investors, signalling a clear shift towards discipline, transparency and predictable policy as the foundation for sustainable growth.
The latest push saw the CBN leadership engage international investors and business leaders on the global stage, reinforcing Nigeria’s renewed commitment to macroeconomic stability and market-driven reforms. At a recent high-level meeting in Washington, D.C., Cardoso reassured global investors that Nigeria is firmly on a path of reform anchored on transparency, institutional credibility and long-term value creation. As interest in the domestic economy strengthens, the CBN expects increased capital inflows, improved exchange rate stability and continued accretion to foreign reserves, all critical to sustaining economic growth.
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In global financial markets, capital does not flow by chance. Investor confidence is earned through consistent policies, credible institutions and clarity of direction. These were the core messages the CBN governor delivered to global investors at the U.S.–Nigeria Executive Business Roundtable held in Washington, D.C., where Nigeria’s economic reset was presented as deliberate, rules-based and reform-driven.
Cardoso outlined a confident narrative of an economy undergoing structural change, one willing to take tough but necessary decisions to restore credibility and stability. The engagement, convened by the U.S. Chamber of Commerce’s U.S.-Africa Business Center, brought together senior U.S. corporate executives, institutional investors and policy influencers at a time when Nigeria is seeking to reposition itself in global capital markets. The forum was designed to strengthen commercial ties and attract long-term investment into key sectors of the Nigerian economy.
For the CBN governor, sustainable growth cannot thrive without credibility. He reaffirmed Nigeria’s commitment to macroeconomic stability and predictable policy frameworks, stressing that the country has embraced rules-based economic management as the cornerstone of its reform agenda. He told international investors that transparent markets and policy consistency remain central to rebuilding trust and anchoring expectations.
Addressing the gathering, Cardoso explained that Nigeria’s economic reforms are intentionally structured to restore confidence and provide investors with clarity in an increasingly volatile global environment. According to him, the authorities are focused on building a stable macroeconomic foundation that supports private-sector-led growth and reduces uncertainty for investors.
He noted that recent reforms in the foreign exchange market have been critical in improving transparency and price discovery, while the return to orthodox monetary policy has helped anchor expectations and contain macroeconomic risks. Cardoso also highlighted the modernisation of Nigeria’s payments system as a key part of the investment proposition, emphasising that efficient, secure and inclusive payment infrastructure is essential for business expansion, innovation and financial inclusion.
The U.S.–Nigeria Executive Business Roundtable brought together American and Nigerian corporate executives, institutional investors and policymakers, with discussions centred on Nigeria’s macroeconomic stabilisation efforts, regulatory clarity and opportunities to scale bankable projects across priority sectors. The forum provided Nigerian policymakers with an opportunity to engage directly with potential investors in areas such as infrastructure, energy, financial services, agriculture and technology, while addressing lingering concerns around policy consistency and the overall investment climate.
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Reacting to the discussions, the President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, Kendra Gaither, said global investors are increasingly attracted to markets that demonstrate discipline and credibility. She noted that clarity, credible reforms and seriousness of purpose now matter more than ever in a global economy searching for stability and predictability, adding that Nigeria’s message is increasingly one of discipline combined with opportunity.
The reform take-off point for Nigeria’s renewed investor appeal dates back to a series of bold policy decisions by the CBN and the federal government aimed at restoring macroeconomic balance. In 2023, authorities liberalised the foreign exchange market, halted central bank financing of fiscal deficits and reformed fuel subsidies, while also strengthening revenue collection and taking steps to address surging inflation.
Since the implementation of these reforms, Nigeria’s external reserves have increased and access to foreign exchange in the official market has improved. The country has also returned to international capital markets, secured upgrades from rating agencies and benefited from the commencement of operations of a large private refinery, positioning Nigeria further up the value chain in a deregulated energy market.
CBN policies, particularly currency and foreign exchange reforms, have helped attract foreign investment inflows and reduced the need for heavy intervention in the forex market. The unification of exchange rates and the clearance of over $7 billion in FX backlogs significantly improved Nigeria’s investment outlook, with multilateral institutions such as the World Bank describing the measures as bold steps towards long-term economic sustainability.
Nigeria’s sovereign risk spread has also declined to its lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent economic strain. These developments reflect deliberate efforts by policymakers to restore confidence and sustain capital inflows.
In parallel, the CBN has intensified its focus on taming inflation and improving policy communication. The apex bank recently hosted the Monetary Policy Forum 2025, which brought together fiscal authorities, legislators, private sector leaders, development partners and academics under the theme “Managing the Disinflation Process.” The forum was aimed at fostering dialogue, improving coordination and strengthening confidence in monetary policy direction.
At the event, Cardoso reiterated the CBN’s commitment to price stability, the planned transition to an inflation-targeting framework and strategies to restore purchasing power and ease economic hardship. He emphasised that monetary policy would remain disciplined, forward-looking and adaptive in response to evolving economic conditions.
According to him, managing disinflation amid persistent shocks requires strong coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence. He stressed that price stability remains the core mandate of the CBN as it continues to rebuild credibility.
The Central Bank has also moved to strengthen the banking sector through new minimum capital requirements, effective from March 2026, aimed at enhancing resilience and positioning the industry to support a $1 trillion economy. These reforms reflect the CBN’s broader objective of creating an enabling environment for inclusive and sustainable development.
While maintaining a cautious stance, Cardoso noted that recent easing of monetary policy was informed by improving inflation trends. He explained that the decision to lower the monetary policy rate followed sustained disinflation over several months, favourable inflation projections for the rest of 2025 and the need to support economic recovery.
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Investor interest in Nigerian assets has strengthened as the impact of these reforms spread across the economy. This renewed confidence was evident in Nigeria’s recent return to the Eurobond market, where the country successfully issued $2.25 billion in a dual-tranche offering. The issuance recorded the largest order book in Nigeria’s history, underscoring strong investor confidence in its macroeconomic policies and fiscal management.
The 10-year bond maturing in 2036 and the 20-year bond due in 2046 attracted total orders exceeding $13 billion, reflecting broad-based demand from investors across the United Kingdom, North America, Europe, Asia and the Middle East. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the record subscription as clear evidence of global confidence in Nigeria’s reform trajectory.
Patience Oniha, director general of the Debt Management Office (DMO), noted that the strong demand came from a diverse mix of fund managers, pension and insurance funds, hedge funds and banks, highlighting Nigeria’s broad investor base across regions and asset classes.
Market analysts have also turned more positive on Nigeria. Portfolio managers and strategists point to improved FX liquidity, easier profit repatriation and greater exchange rate stability as key drivers of renewed inflows. Others note that Nigeria’s local market is increasingly seen as less correlated with global risk conditions compared with more liquid emerging market peers.
Positive market reactions have followed, with the naira stabilising and external reserves rising to a seven-year high of about $46.07 billion, levels last seen in August 2018. Analysts say investor appetite has been supported by painful but credibility-enhancing reforms such as fuel subsidy removal and exchange rate adjustment, which have improved fiscal transparency and market confidence.
While analysts caution that increased external borrowing raises foreign exchange and interest rate risks, they agree that sustained policy discipline and currency stability will be critical to maintaining investor confidence. For now, Nigeria’s renewed global investor push, backed by tangible reforms and improving market indicators, suggests that confidence in its financial markets is steadily rebuilding.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
