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What Cardoso’s legacy at CBN would look like

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Cardoso

Yemi Cardoso economic reforms focus on restoring trust, stabilising markets and attracting foreign investment into Nigeria’s economy

When Yemi Cardoso, Central Bank of Nigeria (CBN) Governor, stepped out to take his seat on the stage for a conversation at The Peninsula, London, on a sunny but cold Tuesday afternoon on March 17, 2026, the room already sensed the weight of the moment.

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Also read: Cardoso: CBN Reforms Boost Nigeria’s Economic Resilience

The Africa Capital Forum, held on the sidelines of President Bola Tinubu’s recent historic state visit to the United Kingdom, had drawn bankers, global investors, diaspora fund managers, and development finance experts.

Jointly hosted by the CBN and UK’s Foreign, Commonwealth and Development Office, in partnership with several Nigerian banks and international financial institutions, the event carried a clear theme: Moving Nigeria from economic stabilisation to capital mobilisation.

Cardoso’s mellifluous voice remained calm, and pleasant to the ears, yet it carried across the room a powerful message of assurance. After nearly two and a half years on the saddle as CBN Governor, he spoke with the confidence of a man who had steered Nigeria’s monetary policy through turbulent times.

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Cardoso sounded confident and surefooted. You could tell he was not just ticking boxes – he has been methodically building a legacy that would outlast him. On that day in London, Cardoso was joined on the stage for the conversation by Odile Renaud-Basso, a French civil servant who has been serving as President of the European Bank for Reconstruction and Development (EBRD) since 2020.

The theme of the Forum pointed in the direction of wooing investors and attracting capital to Nigeria. Indeed, Cardoso announced during the conversation that 32 Nigerian banks had achieved the recapitalisation threshold.

But just before the Easter weekend, CBN announced that 34 Nigerian Banks had raised their capital to N4.65 trillion, with 28 percent of the funds coming from foreign investors in what has been praised in several quarters as a major consolidation effort in the banking sector.

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Cardoso has never declared in a single soundbite, “I want to be remembered for so, so and so,” yet his public statements, from early keynote addresses to the measured updates shared with investors in London, reveal a consistent vision: a transformed Central Bank that prioritises credibility, transparency, and rules-based policy over short-term interventions.

On his watch, CBN has refocused on its core mandates of price stability, financial system integrity, and sustainable growth. Cardoso inherited an institution marked by institutional deficiencies, governance lapses, reduced autonomy, ethical challenges, and a drift from its statutory roles. “I want a level playing field for all players,” he disclosed at the London meeting.

“You do not need to know anyone at CBN or knock on my door to get what you want,” he continued. Cardoso’s clear message was “fairness,” it doesn’t matter who you are, or whether you have access to privileges. That attribute is a key ingredient for excellent reputational management needed to protect the integrity of an organisation.

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From the outset, he made it very clear that he would chart a new course. “We will vigorously address institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies,” he stated early on. He positioned the CBN as irrevocably committed to rebuilding public and market trust, shifting away from opacity and quasi-fiscal experiments toward transparency, forward guidance, and accountability.

Analysts have pointed to this philosophical change, from discretionary approaches to rules-based policy, as potentially his most enduring contribution. Cardoso has described his role as “the second hardest job in the world” and a “long-term call,” signaling that he views institutional reset as his central task.

The five pillars of his intended legacy

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First comes restoring credibility and trust. Cardoso has repeatedly described the CBN’s recent past as marred by governance failures and deviation from core mandates. His explicit goal: rebuild the institution so that markets and citizens view it as reliable once more.

Second is delivering price stability. Inflation control stands as his paramount mission. In his November 2023 CIBN keynote, he announced the adoption of an explicit inflation-targeting framework, developed in coordination with fiscal authorities.

Conventional tools, including liquidity management, policy rate adjustments, and open market operations, have been applied aggressively to repair transmission mechanisms and anchor expectations, but Cardoso prefers to humanise his strategy.

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“The economy belongs to everyone,” he said, emphasising that monetary policy must ultimately ease access to food, shelter, healthcare, education, and financial services for ordinary Nigerians. Price stability becomes not merely a technocratic target but a foundation for improved living standards.

Third is building a stable, transparent, and liquid foreign-exchange market. Early actions, such as clearing FX backlogs, unifying exchange windows, introducing a new FX code and Electronic Matching System, and lifting certain import bans, were framed as cleaning up legacy distortions.

The aim: restore market confidence, rebuild reserves through sustainable accretion, and create a predictable environment that supports genuine investment rather than speculation.

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Fourth involves strengthening the banking sector to support Nigeria’s ambition of reaching a one trillion-dollar economy. The 2024 to 2026 bank recapitalisation programme highlighted above raised minimum capital requirements so that banks can finance larger-scale projects in a growing economy. Cardoso has directed bank leaders to prepare explicitly for the one trillion-dollar GDP target within the current administration’s horizon.

A sound, well-capitalised financial system, he argues, is essential for private-sector-led growth, MSME financing, and broader financial inclusion.

Fifth, and perhaps most defining in a philosophical sense, is repositioning the CBN as a catalyst for sustainable and inclusive growth, rather than a direct development financier. Large-scale quasi-fiscal interventions, which had previously exceeded 10 trillion naira across sectors such as agriculture and power, have been wound down.

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The bank has refocused on its statutory responsibilities: maintaining price and financial stability, managing external reserves, and providing candid advice to government.

The broader objective is to create an enabling environment for private investment, higher GDP growth, reduced unemployment (benchmarked against BRICS and MINT peers – two different waves of emerging market economies identified by economist Jim O’Neill to highlight countries with significant potential to influence the global economy), and tangible improvements in citizens’ living standards that align with macroeconomic gains.

In London, Cardoso summarised the shift plainly: “The financial system we had is dead and buried. What we have now is a new system that has brought liquidity and transparency.”

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The human realities on the ground

None of these reforms, as we are aware, have come without cost. Nigerians continue to grapple with high living expenses at the market, fuel stations, and dinner tables. Inflation, though showing signs of moderation in trajectory, remains elevated.

Poverty levels and the cost-of-living crisis dominate everyday conversations. The security challenges in the North-East and North-Central regions persist, with analysts noting patterns of heightened violence during election cycles as 2027 approaches. Global factors, including geopolitical tensions and rising fuel prices, have added further pressure.

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During a Channels TV Sunrise Daily live interview with Maupe Ogun-Yusuf and Ayo Makinde on March 20, I acknowledged these micro-level hardships while highlighting progress at the macro level. Foreign exchange reserves have improved, and the naira has shown greater stability.

I also said that investor sentiment at the London forum was notably positive rather than skeptical. Discussions centered on exchange rate unification, fuel subsidy removal, and their impacts on the economy. They were excited about moving capital into Nigeria.

The recapitalisation numbers offer concrete evidence. If 28 percent of new bank capital was sourced from abroad, it signals confidence in the economy which is clear potential for growth.

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A patient global financial architect at work

Cardoso’s record aligns closely with the vision he outlined from the beginning: orthodox monetary tightening, FX liberalisation, reserve building, governance reforms, and a banking sector repositioned for ambition rather than crisis management.

He has never claimed quick victories or denied the challenges. Instead, he speaks of patience, adaptability, and the long-term view. The true measure of his legacy, he has suggested, will be whether these changes endure beyond his tenure.

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I left the Peninsula forum that March afternoon sensing a subtle but important shift – not a dramatic rhetoric or political spin, but a quiet institutional reform with results. Investors are convinced and ready to engage, rather than be deterred by what others see as risk.

Whether history will ultimately credit Cardoso with taming inflation permanently, helping deliver the one trillion-dollar economy, or simply restoring the guardrails that prevent future crises remains to be seen.

However, what is evident from his words and actions are the legacy he consciously pursues: a Central Bank that is trusted, transparent, and focused on the stability ordinary Nigerians and investors need to plan, build, and thrive.

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Also read: CBN Completes Successful Recapitalisation of Banks with ₦4.65 Trillion Boost

May Cardoso succeed with his mission and build an enduring legacy.

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Opinion

Tegbe’s 24-Hour Energy Zones and the Shift From Megawatts to Money

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Tegbe

 By Sufuyan Ojeifo,

There is a point at which a country’s electricity problem ceases to be merely an electricity problem. It becomes a problem of economic geography.

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Also read: Everton Celebrates Nigeria’s 66th Independence With Football Legends

Where can factories operate with confidence? Where can businesses plan beyond the next appearance of a generator? Where can hospitals, schools, technology companies, markets and households begin to organise their lives around the reasonable expectation that electricity will be there?

This is the thinking behind the latest initiative from the Minister of Power, Joseph Tegbe, to develop what the Federal Government calls Energy Zones – defined corridors where homes, businesses and industries could receive stable, 24-hour electricity.

The proposed zones cover the Lagos axis, the Abuja-Kaduna-Kano corridor and the Enugu-Port Harcourt corridor. Tegbe’s latest move is a meeting with selected electricity distribution companies to begin working through what it would take to make the idea real.

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At first glance, it sounds like another promise of uninterrupted electricity in a country that has heard too many such promises. However, there is something more consequential in the architecture of the proposal.

Tegbe is asking Nigerians to look at the power problem differently.

For years, the national conversation has been dominated by generation. How many megawatts are being produced? How much can the transmission grid carry? How many generating plants are working? These are important questions. But electricity does not become useful simply because it has been generated.

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It must travel. It must be received. It must be distributed. And ultimately, somebody must be able to use it. That last part has often been treated as the end of the conversation when, in reality, it is where the economic value of electricity begins.

Tegbe has put the point plainly. The constraint is not limited to generation and transmission; it also includes how much electricity can be taken up and delivered at the distribution end.

The proposed Energy Zones are intended to address precisely that gap while improving commercial demand and the revenue performance of the distribution companies.

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There is an important idea here.

Nigeria does not necessarily have to wait for every weakness in the electricity value chain to be solved simultaneously before beginning to create pockets of reliability.

A country of more than 200 million people, with enormous differences in industrial activity, population density and commercial demand, may have to proceed through carefully selected economic corridors while the wider system is repaired.

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This is not an argument for abandoning the national grid. It is an argument for making the grid more economically purposeful.

The three corridors selected by the Ministry are revealing. Lagos and its adjoining industrial axis represent perhaps the country’s most concentrated commercial and industrial demand.

The Abuja-Kaduna-Kano corridor connects the political capital with major commercial and industrial centres in the North. Enugu-Port Harcourt links important commercial, manufacturing and energy-producing communities in the South-East and South-South.

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These are not simply lines on a power map. They are lines on Nigeria’s economic map. That distinction matters.

For too long, Nigerians have experienced electricity largely as a household inconvenience. The light goes off. The generator comes on. A business buys diesel. A manufacturer factors self-generation into production costs. A hospital makes contingency arrangements.

A young entrepreneur learns, often painfully, that the real price of electricity is not what appears on the bill but what it costs to keep the business alive when the supply fails.

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A reliable electricity corridor changes that equation.

If a factory knows that a particular industrial cluster has dependable power, investment decisions begin to change.

If a commercial district can plan around predictable electricity, operating costs become easier to manage.

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If businesses can depend on supply for most of the day, generators can move from being the first line of defence to being what they were always supposed to be: backup.

This is where Tegbe’s technocratic instincts may prove significant.

His background is not that of a career power-sector operator. His professional experience has largely been in consulting, fiscal and economic reform, institutional transformation and advisory work. That background has been visible in his early approach to the ministry – diagnosis, audits, financial questions, infrastructure bottlenecks, and attempts to identify where one part of the system is preventing another from functioning properly.

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His Energy Zones proposal fits that pattern. It treats the electricity market less as a single machine waiting for one dramatic repair and more as a system of interconnected constraints that can be isolated, diagnosed and addressed.

Tegbe had already identified the three corridors as priorities for grid stabilisation, with technical audits intended to establish the condition of critical infrastructure. The latest engagement with DisCos suggests that the idea is now moving beyond technical diagnosis towards the more difficult question of how distribution will work within those corridors.

That is where the hard work begins.

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A 24-hour power zone cannot be created by a press statement. It requires generation that is available when needed, transmission capacity that can carry it, distribution infrastructure capable of receiving it, transformers and feeders that can withstand the load, metering that properly captures consumption, customers willing and able to pay, and a commercial structure in which the various participants have an incentive to keep the system working.

It also requires protection. Vandalism and energy theft do not respect administrative boundaries. Neither do faulty equipment, unpaid bills or poor collection practices. Tegbe himself has acknowledged that the sector’s problems reinforce one another. Weak collections affect the market. Market weakness affects maintenance and gas payments. Unreliable supply in turn depresses collections.

This is why the Energy Zone experiment, if it is to succeed, must be judged by more than the number of hours electricity is available.

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The real test will be whether reliability begins to produce economic consequences. Does industrial output increase? Do businesses spend less on self-generation? Does investment respond? Do DisCos collect more because customers are receiving a service they can trust? Does the government recover enough value from improved commercial activity to justify further infrastructure investment?

Those are the questions that should eventually accompany the glossy language of 24-hour power.

And there is another question that Tegbe and the Federal Government will have to confront: what happens outside the zones?

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Nigeria cannot become a collection of electrically privileged corridors surrounded by communities waiting indefinitely for their turn.

The logic of concentrating investment in high-demand areas can be defended economically, especially if the resulting commercial activity strengthens the wider electricity market.

But the strategy will ultimately have to demonstrate how successful zones become stepping stones towards broader reliability.

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That is the difference between an experiment and a system.

There is also a danger in admiring the architecture of reform from the comfort of an office.

It has to be said here that the statement issued by the minister’s media aide was long on ambition and conspicuously short on the details that matter. No timeline. No capacity targets. No specific investment figures. It is the kind of announcement that has, historically, been the precursor to nothing at all.

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So Nigerians should watch the idea with interest, but also with the healthy scepticism that comes from decades of promises about electricity.

The minister deserves a measure of credit for at least diagnosing an important part of the illness.

For once, the conversation has shifted from the head to the feet – from generation to distribution, from megawatts to money.

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At the same time, the Nigerian people have been given blueprints before. They have learned to admire the drawings while the building crumbles.

The Energy Zones remain a proposal. The government has not yet announced the detailed capacity requirements, implementation timetable or precise infrastructure investments that would make 24-hour supply possible.

That is not necessarily a fatal flaw. It may simply mean the idea is still being worked out.

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But it does mean that the language of 24-hour power should be treated as an aspiration until it is matched by the machinery of implementation.

Yet the proposal deserves attention because it reflects a potentially important shift in the way the power problem is being conceived.

Nigeria may not fix its electricity crisis in one heroic sweep. It may have to build reliability corridor by corridor, demand centre by demand centre, and economic cluster by economic cluster.

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There is nothing inherently glamorous about such work. It is engineering, finance, regulation, distribution and relentless attention to the weak link in the chain. But perhaps that is precisely the point.

The country has spent decades waiting for the great national electricity breakthrough.

Tegbe’s emerging approach suggests something less dramatic and potentially more practical: make a few economically critical parts of the system work properly, learn from them, strengthen the model, and expand it.

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The success of that approach will ultimately be measured not in speeches or megawatts, but in what Nigerians can do with the electricity when it arrives.

Does the factory run a second shift? Does the business hire more workers? Does the hospital keep its equipment running through the night? Does the young entrepreneur stop budgeting for diesel and start budgeting for growth?

Also read: Everton Celebrates Nigeria’s 66th Independence With Football Legends

That is where the real power story begins. And that is the standard against which Tegbe’s Energy Zones should ultimately be judged: not by whether 24-hour power sounds impressive in a press release, but by whether the lights stay on long enough for Nigerians to build something with them.

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