- Safiu Kehinde
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has admitted to the economic hardship facing the country but claimed that the economic policy decisions are gradually paying off.
Cardoso stated this at the Inaugural Economic Policy Conference for Emerging Market Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.
Speaking on the topic “Policy Challenges Amid Structural Shifts in the World Economy”, Cardoso talked about Nigeria’s economic reforms and strategies for macroeconomic stability.
He reiterated the CBN’s recapitalization mandate which he claimed will strengthen Nigeria’s financial system amid the challenges facing the country.
“CBN’s recapitalisation mandate is strengthening Nigeria’s financial sector, ensuring banks are well-equipped to handle future shocks,
“Nigeria’s tough but necessary policy decisions are paying off” Cardoso said.
The apex bank’s governor also called for a digitalized financial inclusion by expanding financial access for underserved communities in Nigeria.
“Digitalization is key to Nigeria’s financial inclusion efforts! With mobile money services and tech-driven solutions, the CBN aims to expand financial access for underserved communities, particularly women” Cardoso noted.
He further advocated for stronger economic ties with the Middle East and the Nigerian Diaspora community in the region, while reiterating the CBN’s commitment to maintaining macroeconomic stability, sustaining policy consistency, and ensuring long-term resilience for the Nigerian economy.