Inflation: Gov Cardoso Pushes for Coordinated Action
Abuja - The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that managing disinflation amid persistent economic shocks requires robust policies and coordinated actions between fiscal and monetary authorities to anchor expectations and maintain investor confidence.
He stated this while opening the 2025 Monetary Policy Forum, held on Thursday, January 30, 2025, at Fraser Suites, Abuja, with the theme: “Managing the Disinflation Process”.
Addressing participants at the forum that attracted Ministers, the private sector, development partners, and academia, among others, Mr. Cardoso noted that the goal of the CBN was to ensure that monetary policy remains forward-looking, adaptive, and resilient.
According to him, collaboration remains key to success. Hence, policymakers, the private sector, and civil society must collaborate to drive meaningful change.
Further, he said, “Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship.”
While listing the efforts made by the CBN to curb inflation and stabilise the economy in the past year, he said the Bank would continue its disciplined approach to monetary policy.
“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” he noted.
Cardoso further noted that the reforms and developments under his watch reflect the Bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance.
In his welcome address, the Deputy Governor of Economic Policy, Mr. Mohammed Sani Abdullahi, noted that the forum served as a vital platform for engaging stakeholders, managing expectations, and ensuring monetary policy decisions are well understood and effectively implemented.
Speaking on the theme, Mr. Abdullahi stressed that inflation remained one of the most pressing challenges confronting economic policymakers and society.
The event featured goodwill messages from key government officials and stakeholders who expressed confidence in the CBN’s policies and optimism that ongoing reforms were yielding tangible results. Those who spoke include the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Minister of Budget and Economic Planning, Alhaji Atiku Bagudu; Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole; and the Minister of State for Finance, Dr Doris Nkiruka Uzoka-Anite. Others who spoke were the Chairman of the House of Representatives Committee on Banking and Ancillary Institutions, Hon. Eze Nwachukwu Eze, and Dr. Abdullateef Shittu., who represented the Chairman of the Nigerian Governors’ Forum, Alhaji Rahman Abdulrazaq.
Key Highlights of the event were paper presentations on “Navigating the Disinflation Journey” by the International Monetary Fund (IMF) Representative, Christian Ebeke, moderated by the Deputy Governor, Operations, Dr. Bala Bello; and “Challenges to Disinflation: Lessons from Emerging and Developing Economies (EMDEs)” by Prof. Ahmadu Umaru Sanda of the Usmanu Danfodio University and anchored by the Deputy Governor, Corporate Services, Ms. Emem Usoro. There was also a panel discussion, moderated by Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, focusing on Appropriate Monetary Policy Measures for Effective and Efficient Disinflation and Achieving Disinflation Amidst Constrained Output Growth.
The 2025 Monetary Policy Forum reaffirmed the CBN’s commitment to stabilising the economy, fostering investor confidence, and ensuring that monetary policies remain transparent and impactful.