Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has expressed optimism about Nigeria’s economic revival despite current challenges.
In a recent address at the First Plenary Assembly of the Catholic Bishops Conference of Nigeria in Abuja, Cardoso candidly described his role as “the second most difficult job on the face of the planet,” acknowledging the significant responsibilities and challenges it entails.
Cardoso, in his address, remarked, “I will continue to remember that in spite of [my job being] the second most difficult job on the face of the planet, this is really something that remains very memorable.”
He highlighted recent financial inflows as a positive sign, stating, “As a result of some of the recent reports from the CBN, over the course of the last week, about $1.8 billion came into the markets.”
The Governor conveyed confidence in Nigeria’s economic future, asserting, “As long as the country can sustain a positive trajectory, Nigeria will get out of its economic woes and the foreign exchange market will begin to moderate itself.”
Cardoso stressed the importance of Nigeria evolving from a consumer-driven economy to one focused on production. He noted efforts to align the official currency rate with the black market rate, mentioning that the gap between the two has significantly reduced.
Discussing the challenges of economic advancement, he emphasized, “There is a positive outlook on that. The positive outlook comes from the fact that a series of reforms have been made by the Federal Government and the Central Bank, which are now paying off in such a way that international investors are coming back in again.”
Cardoso also touched upon the necessity to curb the nation’s appetite for foreign goods, linking it to the broader goal of becoming a producer nation.
“The other thing, of course, is to moderate appetite for foreign goods. And that’s closely related to what I had said earlier with respect to becoming a producer nation,” he explained.
The CBN governor revealed that a crucial Monetary Policy Committee meeting is on the horizon, aimed at making decisions to further enhance the economy’s attractiveness to investors.
Despite these optimistic projections, Nigeria continues to face economic difficulties. Citizens and stakeholders are increasingly vocal about the daily hardships, with protests emerging nationwide. The opposition party has escalated its rhetoric, demanding President Bola Tinubu’s resignation amid the deepening economic crisis.
