He disclosed that the country’s foreign exchange (FX) market turnover has reached $8.6 billion per month in 2025.

Speaking at an Investors’ Forum in Washington D.C., held alongside the IMF/World Bank Annual Meetings, Cardoso, Governor of the Central Bank of Nigeria (CBN), also noted that Nigeria’s gross external reserves have risen to $43.4 billion – sufficient to finance 11 months of imports.

Meanwhile, Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), called for the mobilisation of $4 trillion in domestic capital across Africa to support investment in digital infrastructure, energy, and other essential sectors. He urged a collective effort to broaden prosperity across the continent.

During his remarks on “Boosting Productivity Growth in the Digital Age,” Elumelu underscored the vast potential of Africa’s internal capital base. UBA Plc is also set to unveil a significant whitepaper on financial infrastructure, reinforcing its influence in shaping Africa’s financial systems.

Cardoso further highlighted that the FX market premium, which had peaked at 52 per cent in 2022, has now dropped to under three per cent. He attributed this to the effectiveness of ongoing monetary and fiscal reforms.

Addressing an audience of global investors, financial experts, and Nigeria’s economic team, the CBN Governor reiterated the country’s commitment to reinforcing economic fundamentals, pushing forward reforms, and creating long-term investment opportunities.

Cardoso said, “The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors. Nigeria’s focus remains clear strengthening our fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and growth. We are encouraged by the progress made so far and remain confident that ongoing reforms are laying a stronger foundation for a more resilient economy.”

Following his address, CBN Deputy Governor for Economic Policy, Mohammed Sadi Abdullahi, provided further insight into Nigeria’s external sector performance and policy direction. He stated that the country’s current account surplus for 2024 exceeded $17 billion and is projected to surpass $20 billion in 2025. This is being driven by increased oil production, diversification into non-oil exports, a revival in manufacturing, reduced fuel imports, and robust remittance inflows.

“Over the last two years, we’ve really focused a lot on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 to July 2025 have doubled.

“FX supply at the official window has significantly improved and been driven by order-based quotation, a lot of reforms around remittances and all the other issues that I mentioned, and the clearance of backlogs and all outstanding obligations.

“There’s been a significant increase in the average monthly turnover to $8.6 billion monthly in 2025 versus an average of $5.5 billion and much less in the year before. Today, CBN stands as a net supplier by less than about a percentage of the market turnover. We’re actually a net buyer in the market.”

He added: “We have, over the last two years as well, been rebuilding external buffers to provide resiliency to shocks. Our foreign exchange reserves, our gross reserves, are at a five-year high of $43.4 billion as of 10th October, enough import cover for 11 months. We have continued to also deliberately improve the quality and quantum of our net FX reserves. Between last year and this year, we have released almost $13 billion back to local and international banks in a way that is allowing for organic growth of our own reserves.”

He added: “In terms of the balance of payments, we are doing significantly better. The current account surplus for 2024 was over $17 billion, and we’ve continued to see for this year improvements in our current account, our financial accounts, and we do hope to close the year as well with even more impressive figure.

“Organisational remittances have also improved. Disaster payments and the current account balance are projected to grow to over $20 billion, supported by high oil output, diversification into non-oil commodities, renewed manufacturing, reduced petroleum imports, and strong remittance flows.”

Sanyade Okoli, Special Adviser to the President on Finance and the Economy, outlined the administration’s comprehensive approach to strengthening fiscal, monetary, and institutional structures.

“The focus now is on inclusive growth that comes with high-quality jobs. Nigeria is a huge and youthful nation, and we need to ensure that we are rapidly generating the kind of jobs required to keep our youth productively engaged.

“We are building blocks in four areas: continued pursuit of macroeconomic stability, improving governance and regulatory frameworks to attract investment, investing in infrastructure, and improving access to capital both debt and equity to stimulate the economy,” she added.

On Nigeria’s efforts to rejoin the Government Bond Index for Emerging Markets (GBI-EM), Patience Oniha, Director-General of the Debt Management Office, said: “JP Morgan has given us the requirements, and we are working towards meeting them. As for timing, it cannot be definite, but we are working closely with them to ensure we get back.”

Elumelu, speaking on a panel alongside IMF Managing Director Kristalina Georgieva, reiterated the importance of unlocking Africa’s domestic capital to ease fiscal pressure and enable transformative development.

“It is estimated that over $4 trillion in domestic capital exists across Africa. If we can mobilise this effectively, we will not strain governments’ fiscal capacity.

“The challenge lies in working together to channel these resources responsibly, establish trust, and ensure accountability,” Elumelu said.

He also stressed the importance of infrastructure in enhancing productivity. “If we fix access to electricity, we address key issues such as productivity, youth employment, and engagement, while also enabling the continent to support global economic growth.”

Elumelu noted that with over 60 per cent of Africa’s population under the age of 30, the continent’s youth are eager to contribute meaningfully.

“They are not asking for sympathy or handouts. They want systems that work. For that, everyone, governments, private investors, and development partners must collaborate to create opportunities and unlock productivity.”

He warned that while technology and AI offer immense promise, structural challenges such as inadequate infrastructure and limited access to capital must be addressed.

“Productivity today is about people, not just output per worker, but opportunity per person. Africa can leapfrog in sectors like healthcare, agriculture, and energy but only if we address the fundamental barriers first,” he said.

Having supported over 20,000 young entrepreneurs through his foundation, Elumelu emphasised the need for deliberate investment in digital infrastructure, power, and human capital.

“AI and productivity in the 21st century should democratise prosperity, not concentrate it. Inclusion is not automatic; it must be intentional.”

He concluded with a call to action: “The mobile money revolution happened because entrepreneurs innovated within constraints. We can do the same with AI – but only if we mobilise capital, fix infrastructure, and work together.”