The Governor of the Central Bank of Nigeria outlined key economic improvements at the IMF and World Bank Annual Meetings in Bangkok, highlighting progress made after a period of significant policy changes. Headline inflation declined to 14.63 per cent in September 2026, down from approximately 34.8 per cent at the end of 2024. External reserves have risen above $55 billion, their highest level in 18 years, while formal remittance inflows are approaching $1 billion monthly, he said.
Nigeria's banking sector has mobilised N4.65 trillion in fresh capital through a recapitalisation exercise, with just over 70 per cent raised from domestic investors. The central bank governor said this domestic participation represents confidence in the banking system's long-term prospects. International credit rating agencies have also taken note of the improvements. Fitch recently revised Nigeria's sovereign outlook from stable to positive.
During the meetings, the governor engaged with senior officials from the IMF and World Bank, as well as representatives from rating agencies S&P Global, Moody's and Fitch on Nigeria's path towards investment-grade status. The central bank also pursued deeper financial ties with Asian economies, including a meeting with the Governor of the People's Bank of China to discuss cross-border payments and trade finance.
The governor said the central bank's September decision to lower the monetary policy rate from 26.5 per cent to 23 per cent demonstrated the importance of credible institutions and clear policy communication. He outlined a focus on achieving single-digit inflation as a medium-term objective while maintaining price stability and financial system stability.