The Central Bank of Nigeria Governor, Olayemi Cardoso, has called on the Bankers’ Committee to collaborate in sustaining the ongoing monetary policy reforms introduced by the apex bank.
He emphasized the need for cooperation to ensure the growth and stability of Nigeria’s economy.
Cardoso made this appeal at the inaugural Bankers’ Committee Annual Retreat themed “Contract and Commitment to National Development and Economic Growth.”
“The work before us requires focus, innovation, and unwavering resolve to reshape our collective future.
“Today, we gather to explore bold solutions for a brighter Nigeria. Together, let’s foster innovation, close skill gaps, and build a more inclusive economy,” Cardoso said.
Highlighting the need for critical reforms, Cardoso posed key questions to the Bankers’ Committee, “What steps must we take to improve the business environment for all large corporates, Small and Medium Enterprises (SMEs), and others? “How can we better leverage public-private partnerships for infrastructure development?”
“What are the most effective ways to close skill gaps in our workforce? “How do we foster an ecosystem that nurtures and supports innovation? “Crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”
Since assuming office in October 2023, Cardoso has implemented significant reforms aimed at stabilizing the economy, tackling inflation, and promoting financial inclusion.
These include, monetary policy tightening to keep inflation under control.
Exchange rate stabilisation involves harmonising the exchange rate and closing the gap between the official and secondary markets.
Managing foreign exchange reserves and promoting diaspora remittances at favourable rates.
Promoting cashless transactions and promoting mobile and agent banking into rural areas.
Financial stability can be achieved by strengthening bank capitalisation, managing non-performing loans, and regulating fintech.
Cardoso’s vision emphasises the necessity of innovative ideas and collaborative efforts to propel Nigeria’s economic growth and resilience.
