Cardoso: Nigeria’s Economic Reforms Depend on Patient Capital from DFIs

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said sustained financial sector reforms in Nigeria can only succeed with consistent access to long-term funding from development finance institutions backed by strong governance structures.

Cardoso stated this in Abuja while hosting a delegation from British International Investment, led by its Chair, Diana Layfield, alongside officials of the British High Commission. The meeting was part of ongoing efforts to deepen reforms within the financial system and attract stable, long-term investment into the economy.

He noted that development finance institutions remain essential partners in Nigeria’s reform programme, given their ability to provide patient capital that supports stability, confidence, and sustainable growth across the financial sector.

The CBN governor reiterated the bank’s commitment to macroeconomic stability, credible monetary policy, and a transparent, data-driven regulatory environment designed to strengthen the banking system and enhance financial intermediation.

According to the apex bank, discussions during the meeting centred on developments in the financial services industry, BII’s investment outlook, and opportunities to deploy long-term funding to support banking sector resilience, financial inclusion, and private sector expansion.

Layfield reaffirmed BII’s interest in Nigeria’s financial services market, stressing that regulatory clarity and continuous engagement are critical to sustaining investor confidence and promoting inclusive economic growth.

The engagement comes amid declining foreign direct investment into Nigeria, with recent figures showing a growing reliance on short-term capital inflows rather than long-term productive investment, underscoring the importance of development finance institutions in supporting the country’s reform agenda.