Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the nation’s economy will reach $1 trillion by 2030. Cardoso made this announcement during a presentation to the Senate Committee on Banking, Insurance, and Other Financial Institutions.

Cardoso emphasized the CBN’s commitment to implementing policies for sustainable growth and economic stability. Since assuming office in October 2023, the CBN has focused on stabilizing the economy, restoring market confidence, and laying a foundation for growth.

The Nigerian economy showed resilience in the first half of 2024, with a growth rate of 2.98% in the first quarter, up from 2.31% in the same period last year. The Services sector was the main driver, contributing 58.04% to GDP with a 4.32% growth rate. The Industrial sector also improved, achieving a 2.19% growth rate.

Cardoso noted that inflationary pressures persisted, with headline inflation rising from 29.90% in January to 34.19% in June 2024. However, the pace of monthly increases moderated, indicating the effectiveness of the CBN’s anti-inflationary measures. He highlighted the narrowing spread between official and BDC rates as a sign of successful price discovery and reduced arbitrage opportunities.

Cardoso cited a significant increase in external reserves, attributed to receipts from crude oil-related taxes and third-party payments, as a strong indicator of economic growth. He stated that ongoing recapitalization efforts in the banking sector are aimed at enhancing financial stability and driving progress toward a $1 trillion economy by 2030.

Senator Adetokunbo Abiru, Chairman of the Committee, praised Cardoso and his team for their efforts to stabilize the economy.