Central Bank Governor Olayemi Cardoso has assured that Nigeria’s ongoing macroeconomic reforms have fortified the economy against potential shocks from escalating Middle East tensions.

He made this declaration while delivering the Distinguished Alumni Lecture at the Founders Day celebration of St Gregory’s College in Lagos on Thursday.

Cardoso highlighted that the global economy is grappling with fresh uncertainties due to geopolitical tensions, especially the evolving crisis involving the United States, Israel, and Iran.

He pointed out that these developments could drive up energy prices, cause supply chain disruptions, and heighten risk aversion among global investors.

Nevertheless, he emphasized that the reforms carried out over the past two years have bolstered Nigeria’s macroeconomic buffers, positioning the country better to handle external shocks from such crises.

He stated: “Today, the global economy is facing renewed shocks, including continued geopolitical tensions and developments in the US–Israel–Iran conflict. These events have the potential to push energy prices higher, disrupt supply chains and increase risk aversion among global investors.

“But the macroeconomic reforms and policy buffers we have built over the past two years have placed Nigeria in a far stronger position to navigate these challenges. The storms may come, but our house will stand firm.”

Cardoso also revealed that the foreign exchange market has gained greater liquidity and efficiency thanks to policy reforms by the Central Bank of Nigeria.

He explained that intentional steps by the apex bank removed distortions in the foreign exchange market and restored investor confidence.

“Today, the foreign exchange market operates with far greater liquidity and efficiency, while the backlog of unmet demand has been cleared. Market participants are now able to transact without relying on extraordinary Central Bank interventions,” he said.

Furthermore, he disclosed that Nigeria has seen notable growth in capital inflows in recent years amid returning investor confidence.

He added that the country’s external reserves have strengthened, recently exceeding $50 billion, marking the highest level in more than a decade, aided by an improved balance of payments and rising foreign investment.

Addressing students at the event, Cardoso encouraged young Nigerians to acquire skills suited to the emerging digital and technology-driven global economy.

According to him, future careers will increasingly reward those with multidisciplinary skills and the capacity to adapt to fast-evolving technological landscapes.

He therefore advised students to cultivate curiosity, discipline, integrity, and adaptability, stressing that these qualities remain vital foundations for leadership and success in an increasingly complex global economy.