Olayemi Cardoso has emphasised the need to build strong institutions and sound financial foundations to guarantee sustainable economic growth in Nigeria.

Cardoso made the call while delivering a distinguished alumni lecture during the Founders Day celebration of St. Gregory’s College Lagos. The lecture was themed “Strong Foundations: From the Classroom to the Capital Base.”

According to him, the same values that build responsible individuals, discipline, integrity and accountability, are also essential for building resilient institutions and stable economies.

He stressed that long-term economic stability cannot be achieved through temporary solutions but requires disciplined economic policies, credible institutions and resilient financial systems.

Advertisement

Cardoso noted that Nigeria’s financial system had faced considerable pressures in recent years, including foreign exchange volatility, inflation and structural inefficiencies.

He explained that the Central Bank of Nigeria had introduced a number of reforms aimed at restoring confidence and strengthening the country’s financial system.

The CBN governor said the banking recapitalisation programme introduced in 2024 was designed to ensure Nigerian banks possess sufficient capital to support economic transformation and withstand potential financial shocks.

“As of March 12, 2026, 33 banks have successfully raised additional capital, while 30 have already met the new minimum capital requirements for their respective licence categories,” he said.

Advertisement

“The remaining institutions are undergoing the CBN’s routine verification process in line with the compliance timeline.”

Cardoso also disclosed that the apex bank had restored orthodox monetary policy and curtailed quasi-fiscal interventions that previously distorted the macroeconomic environment.

According to him, these measures have helped moderate inflation from about 34 per cent at its peak to approximately 15 per cent.

He further stated that reforms in the foreign exchange market had eliminated multiple exchange rates and significantly reduced the gap between the official and parallel markets.

Advertisement

“The parallel market premium has dropped from about 50 per cent in 2022 to less than two per cent on average in 2025,” he said.

Cardoso added that the reforms had boosted investor confidence, attracted increased capital inflows and strengthened Nigeria’s external reserves, which he said had risen above 50 billion dollars.

He emphasised that strong institutions remain critical to economic resilience, particularly in an increasingly uncertain global environment characterised by geopolitical tensions and volatility in energy markets.

“Strong foundations determine whether systems can withstand shocks. The same principle applies to economies, institutions and nations,” he said.

Cardoso, who is also an alumnus of St. Gregory’s College, encouraged alumni associations across the country to promote leadership development and contribute meaningfully to national progress