Cardoso: Nigeria cannot depend on oil revenue alone to sustain economic recovery

Nigeria cannot depend on oil revenue for economic recovery, Cardoso warns

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has warned that Nigeria cannot sustain its economic recovery through oil revenue alone, calling for continued reforms and diversification.

According to TheCable⁠, Cardoso spoke on Thursday at the 2026 International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand.

“We were clear that relying on oil was not a sustainable model,” he said.

“We did realise that because at the time there were issues with production, so we were not getting the fair share of what we thought was a sustainable amount of revenue.”

Cardoso disclosed that Nigeria’s net external reserves had previously dropped to approximately $3 billion, while outstanding foreign exchange obligations exceeded $7 billion.

He said monetary reforms had helped stabilise the economy, clear outstanding obligations and restore investor confidence.

The CBN governor also highlighted efforts to increase diaspora remittances and reduce dependence on crude oil exports through investments such as the Dangote refinery.