In a recent confirmation hearing before the Senate, Dr. Olayemi Cardoso, the newly appointed Central Bank of Nigeria (CBN) Governor, unveiled a bold vision aimed at revitalizing the nation’s economy. Cardoso’s proposals include ambitious plans to bolster Nigeria’s Gross Domestic Product (GDP) to $1 trillion within the next eight years.
During his confirmation, Cardoso outlined a comprehensive strategy for economic recovery, emphasizing the importance of both short-term and medium-term goals.
To achieve exchange rate stability, he stressed the need for a balanced balance of payments and economic diversification. “Evidence-based monetary policy,” he stated, “will guide our decisions, and data-driven decision-making will be a priority.”
Addressing immediate concerns, Cardoso highlighted the unresolved obligations of the CBN, emphasizing that tackling foreign exchange rate issues is a top priority. He also underlined the importance of a clear strategy and steps such as removing oil subsidies, strengthening tax collection, and ramping up food production.
Cardoso pledged a collaborative approach with fiscal policy regulators to ensure harmony and reduce tensions in the political landscape. He expressed a commitment to enforcing compliance with the law within the CBN and fostering a culture of openness and adherence to the CBN Act.
Deputy Director Philip Ikeazu, a member of the new CBN board, echoed Cardoso’s commitment to corporate governance and economic stability. He called on the Senate to support efforts to boost exports of locally manufactured goods and promote corporate governance..