Last October, the Wheeler Institute for Business and Development at London Business School hosted a policy dialogue with Olayemi Cardoso , Governor of the Central Bank of Nigeria, alongside senior members of his executive team.

The Connectors Code was in attendance as part of its ongoing work exploring how strategic dialogue, policy, and leadership intersect to shape emerging markets . A theme that closely aligns with our Executive Roundtable initiatives.

The dialogue reflected on two years of monetary reform under Governor Cardoso. A period marked by decisive measures to stabilise inflation, strengthen reserves, and rebuild confidence in Nigeria’s financial system.

According to African Business, foreign reserves have grown from $33 billion in 2023 to over $42 billion by late 2025, while inflation which peaked at 34.8% in 2024 has moderated to around 20%.

The Monetary Policy Rate stands at 27.25%, signalling continued tightening to curb liquidity and maintain exchange-rate stability.

These figures suggest that the macroeconomic environment has steadied, at least in policy terms. But stability on paper does not always translate to stability in people’s lives. The more complex question is whether these gains are meaningfully reflected in purchasing power, access to opportunity, and confidence among ordinary Nigerians.

As the conversation underscored, economic stability must ultimately connect to human well-being. Monetary indicators may point toward balance, but inclusive growth demands that the benefits of reform reach households, small businesses, and communities that power the real economy.

What stood out most in this dialogue was not optimism or critique, but perspective that policy, innovation, and trust must move together if any form of growth is to endure.

At The Connectors Code, we remain committed to engaging with these strategic conversations where transformation meets leadership and where numbers meet nuance.

Because beyond the headlines, the story of Nigeria’s economy, like many emerging markets is still being written.

#TheConnectorsCode #LondonBusinessSchool #StrategicConversations #FinanceLeadership #EconomicTransformation #Nigeria #PolicyAndInnovation #EmergingMarkets #LeadershipAndGrowth #CentralBank #MonetaryPolicy