Nigeria’s Economy Will Withstand Shocks from US–Iran War — Cardoso

Nigeria’s Central Bank Governor Olayemi Cardoso has said the country’s economy is strong enough to withstand shocks caused by the ongoing geopolitical tensions between the United States, Israel, and Iran. Speaking during a public lecture in Lagos, Cardoso explained that recent economic reforms have placed Nigeria in a more stable position to deal with global economic uncertainty. 

According to him, global developments such as the war involving Iran could push energy prices higher, disrupt supply chains, and create volatility in financial markets. However, he noted that the reforms introduced by the Central Bank of Nigeria over the past two years have strengthened financial institutions and restored investor confidence. Cardoso stated that these policy changes have improved liquidity in Nigeria’s foreign-exchange market and reduced distortions that previously affected currency trading.

He also emphasized that Nigeria’s financial system now has stronger buffers to absorb global shocks. Increased capital inflows, improved banking reforms, and growing foreign reserves have helped stabilize the economy. With these foundations in place, Cardoso expressed confidence that Nigeria can navigate international crises while continuing efforts to stabilize inflation and support economic growth.