Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has characterized his position as the second most challenging job worldwide.
Despite the formidable task, he expressed confidence that the Federal Government’s reforms and initiatives are yielding positive results.
Speaking at the opening of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN) in Abuja, themed “Synod on Synodality: Areas of Concern for the Church in Nigeria,” Cardoso reflected on the challenges of his role but remained hopeful about Nigeria’s economic prospects.
Acknowledging the difficulty of his position, Cardoso emphasized the significance of recent positive developments in the country’s financial markets. He noted a significant influx of about $1.8 billion into the markets following recent reports from the CBN.
Cardoso highlighted the upcoming Monetary Policy Committee (MPC) meeting, where critical decisions will be made to enhance the country’s investment climate further. He mentioned efforts to narrow the gap between the official and black market exchange rates, citing a positive outlook driven by governmental and CBN reforms that are attracting international investors.
Identifying key challenges for Nigeria’s economic advancement, Cardoso stressed the need to transition from a consumer to a producer nation. He emphasized the importance of reducing dependency on foreign goods, suggesting that becoming a producer nation is essential to achieving economic self-sufficiency.
Cardoso underscored the significance of addressing demand and supply dynamics in the foreign exchange market, advocating for a shift towards domestic production to reduce reliance on imports.
In conclusion, Cardoso expressed optimism about Nigeria’s economic trajectory, citing ongoing reforms and initiatives aimed at fostering economic growth and reducing dependency on foreign goods. He called for concerted efforts to realize the country’s potential as a producer nation, emphasizing the importance of domestic production in driving economic development.
