Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Wednesday, said that disciplined and transparent reforms are strengthening Nigeria’s financial system and restoring investor confidence.
Speaking in Cairo at the Egypt 30by30 Programme, organised by the Central Bank of Egypt in partnership with the International Finance Corporation, Cardoso stressed that Africa’s growth ambitions must be anchored on stability, sustainability, and credible institutions.
“In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth,” he said.
Cardoso linked ongoing macroeconomic adjustments, including efforts to stabilise the foreign exchange market, tighten monetary conditions, and curb inflation, to renewed credibility in Nigeria’s financial system. He emphasised that resilient economies depend on strong institutions, predictable policies, and transparent markets.
The CBN governor urged African central banks and development finance institutions to adopt a growth model that delivers jobs, industrial expansion, and climate resilience. He described the 30by30 initiative as a shared ambition for a climate-aware and economically sustainable future.
“Africa must grow, industrialise, create jobs, expand opportunities, and lift millions out of poverty, while also decarbonising and building climate resilience,” Cardoso said.
Cardoso highlighted the link between climate risk and financial stability, noting its impact on sovereign ratings, cost of capital, inflation, food security, and fiscal sustainability. He argued that Africa, despite contributing the least to global emissions, bears a disproportionate share of climate-related costs.
At the same time, he pointed to opportunities in renewable energy, biodiversity, Africa’s youthful population, and expanding financial markets as drivers of inclusive growth.
He urged African nations to act collectively rather than in isolation, stressing that coordinated continental action is essential to build resilient and sustainable financial systems.
The CBN said it remains committed to advancing green finance, strengthening cross-border cooperation, and building risk-aware frameworks through collaboration with the Central Bank of Egypt and partners across the World Bank Group.
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