Abdulwahab Isa 
Given the positive milestones recorded by the economy through the policy reforms of 2023, the government on Tuesday unveiled a unified national framework to consolidate the gains achieved so far.
The second phase of economic reforms, to be implemented via the Dis-Inflation and Growth Acceleration Strategy (DGAS), seeks to integrate both monetary and fiscal levers to drive non-inflationary growth and structural transformation, Minister of State for Finance Dr. Doris Uzoka-Anite disclosed.
In the second phase of the government reform, which will be made public soon, implementation will be driven collaboratively by the Ministry of Finance (fiscal policy) and the Central Bank of Nigeria (monetary policy).
Central Bank Governor Mr. Olayemi Cardoso reaffirmed that the economy belongs to everybody, noting that economic fundamentals have attained stability.
Speaking at CBN’s 2025 Executive Seminar themed “Deepening Reforms: Paths to Disinflation and Sustainable Growth,” Uzoka-Anite outlined key targets that will be scaled up in the second phase to deepen economic growth.
The minister emphasized that while fiscal and monetary authorities collaborate to stabilize prices and accelerate growth, the challenges are structural rather than cyclical.
“Traditional monetary tightening alone cannot deliver sustainable recovery, nor can fiscal expansion in isolation produce the scale of impact that our people require. What Nigeria needs at this stage is a unified national framework that integrates both monetary and fiscal levers to drive non-inflationary growth and structural transformation.
“The DGAS—the De-Inflation and Growth Acceleration Strategy document—integrates a reform and implementation blueprint to reposition the Nigerian economy on the path of stability, productivity, and competitiveness. It represents the second wave of reforms following the administration’s bold actions in energy pricing and foreign exchange liberalization. While the first wave restored market integrity and confidence, DGAS now provides the architecture to unlock sector productivity, expand domestic output, and generate inclusive prosperity.
“Based on this understanding, we came together with the Central Bank and the Ministry of Finance to co-create and co-author a document called the Dis-Inflation and Growth Acceleration Strategy. We started working; we did not wait for a seminar to tell us what to do. When we identified what we needed to do, we began to act,” she said.
Providing insights on DGAS constituents, the minister said the framework is designed to be practical and measurable, “offering policy ambitions translated into implementable actions through nine coordinated pillars. These pillars are structured to deliver both immediate economic stabilization and long-term structural transformation and growth across every sector of the Nigerian economy.”
During the occasion, CBN Governor Mr. Olayemi Cardoso attributed the return of investor confidence to credible policies, transparent markets, and sound governance initiated by the Bank. He emphasized that price stability remains a major policy priority.
“The second priority emphasizes the importance of a credible inflation-targeting regime to enhance predictability, guide market expectations, and anchor long-term investments for sustainable growth. Investors naturally flee unpredictability. The more predictable the environment, the greater the incentive for investors to engage. Once these fundamentals are in place and policies are implemented correctly, investors are naturally attracted.”
The governor noted that the Bank will play a catalytic role in expanding access through innovative credit frameworks, improved risk-sharing mechanisms, and deepening credit infrastructure. He also pledged collaboration with fiscal authorities to reduce costs and incentivize production, emphasizing that this remains a key imperative.
Under his leadership, Cardoso said Nigerians would no longer have to rely on personal connections to access CBN services.
“Nigerians need to recognize that the economy belongs to everyone. When I assumed responsibility for the Central Bank, one of my promises was that citizens would not have to know anyone personally to get their transactions processed. Bureaucratic bottlenecks requiring repeated visits and personal appeals are now a thing of the past,” Cardoso said.
He described the effort to rebuild the economy as a collective responsibility:
“It’s a collective effort. We must all work together to ensure that, at the end of the day, we expand the economic ‘pie.’ Our GDP relative to population is not where we want it to be. We have to bake a bigger pie, and it can be done. Each citizen must take ownership and play a part. It is my hope and conviction that this seminar, like previous ones, will deepen understanding, sustain reform momentum, and positively influence policy outcomes for the benefit of all Nigerians.”
Earlier, Deputy Governor (Economic Policy) Dr. Muhammad Sani Abdullahi stressed that the Bank’s role is crucial in sustaining disinflation and fostering long-term growth.
“Through effective monetary policy, transparent communication, robust foreign exchange market reforms, and strengthened regulatory oversight, the Bank will continue to lay the foundation for macroeconomic resilience and inclusive prosperity,” he said.
He added: “As we convene for this 2025 Executive Policy Seminar, it is instructive to take stock of the progress achieved and the journey ahead. Nigeria’s path to disinflation and sustainable growth is inherently complex, shaped by both structural rigidities and evolving global headwinds. Yet, with sustained policy persistence, coordination, and innovation, we can anchor the economy on a stronger, more diversified, and more inclusive growth trajectory.”
