Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has signaled that lending rates could ease in the coming months as inflation shows signs of moderation, raising hopes for improved credit access and stronger investment.
Speaking at the Eurocham Nigeria C-Level Forum in Lagos on Saturday, Cardoso said headline inflation, though still elevated, is beginning to slow, opening room for rate adjustments once stability is firmly established.
“Our priority remains safeguarding financial stability, tackling inflation, and ensuring banks are strong enough to support corporate lending and investment,” he stated.
Cardoso noted progress in the ongoing bank recapitalisation exercise, stressing that higher capital requirements will create more resilient institutions capable of financing long-term growth. He also highlighted fintech expansion and financial inclusion as central to the CBN’s agenda for poverty reduction and bridging funding gaps.
The governor further pointed to stronger coordination with fiscal authorities, describing it as key to sustaining reforms. “Nigeria’s size and position at the gateway to West Africa make stability at home critical for regional and global influence,” he said.
The CBN raised its benchmark interest rate six times in 2024 — from 18.75% to 27.5% — in one of the steepest tightening cycles in history. The moves were aimed at reining in soaring inflation and stabilising the naira.
Eurocham President Yann Gilbert welcomed the forum as a platform for deepening dialogue with policymakers, pledging European businesses’ commitment to long-term partnerships that drive jobs and sustainable investment in Nigeria.