Governor Olayemi Cardoso of the Central Bank of Nigeria reassured the nation of its forthcoming economic resurgence, despite acknowledging the formidable nature of his role, which he dubbed as the second most challenging globally in a recent address at the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria,.
Cardoso’s optimism stems from recent positive indicators, including a $1.8bn influx into the market, as reported by the CBN. He firmly believes that with sustained progress, Nigeria will emerge from its economic struggles, leading to a stabilization of the foreign exchange market.
Highlighting the necessity of economic diversification, Cardoso underscored the transition from a consumer-driven economy to one focused on production. He noted efforts to narrow the gap between official and black market exchange rates, a move aimed at fostering economic stability.
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Furthermore, Cardoso stressed the urgency of reducing Nigeria’s dependency on foreign goods, advocating for a shift towards domestic production. He cited ongoing reforms by the Federal Government and the Central Bank as catalysts for renewed investor confidence and emphasized the importance of aligning policies to attract international investments.
Looking ahead, Cardoso announced an upcoming Monetary Policy Committee meeting where pivotal decisions will be made to enhance Nigeria’s attractiveness to investors. Despite prevailing economic challenges and social unrest, Cardoso’s unwavering optimism signals a determination to navigate Nigeria towards a brighter economic future.
