Olayemi Cardoso, governor of the Central Bank of Nigeria
(CBN), has asked Nigerians to engage more with key policy documents, including
the Nigeria Development Update (NDU) by the World Bank.
Cardoso spoke on Monday during the launch of the May 2025
edition of the NDU in Abuja.
“I think it’s a very useful document, and I really do want
to commend the World Bank for taking the time and the effort to put this out
every six months; very useful,” he said.
“However, I do feel that Nigerians perhaps don’t read
enough. They don’t take advantage of, and policymakers by extension, of such
useful analysis, which is readily available.
“Why do I say so? Apart from many of the things we hear at
times, I remember at one point in time we looked at the website, and we were
appalled by the fact that barely 1,000 or 2,000 people had downloaded that
particular document.
“Very useful, very concise, and I would encourage as many as
possible to look at that document. In some areas we are not necessarily on the
same page, to be honest, but it’s still a useful framework to start to
understand the complexities of the situation. So well done to the World Bank.”
CENTRAL BANK COMMITS TO ECONOMIC STABILITY
Cardoso said stability is crucial for economic growth, and
the central bank is committed to achieving it.
“We continue, not just in attaining, but we continue to
protect, so that forms the need for us to be proactive, to be able to understand
risks, and to be able to move before the risks overwhelm us,” he said.
“In a nutshell is putting into context how we see our role
and the things we have done so far, and that is why you find that the
volatility in FX rates has considerably moderated.
“It was about 4 percent about a year ago, and now it’s down
to less than half percent, and those are all things that we will continue to
ensure that we guard on generosity.
“Price stability, financial stability, those are very key
areas that we ensure that we are monitoring and ensure that we get ahead of.”
The governor confirmed inflation remains somewhat sticky,
but is beginning to ease, and monetary policy will stay on course.
“We believe that if we continue the course of orthodox
monetary policy, which you speak about, and which has brought about results, if
we’re able to continue the course, which we will, then over time, the inflation
should moderate,” he said.
“Of course, with that would go moderation in interest rates
as well. Those are things that will naturally take its course, if you look at
where we were related to where we are now, I think those things speak for
themselves.”
EDUN: INVESTMENT KEY TO NIGERIA’S ECONOMIC GROWTH
Wale Edun, minister of finance and coordinating minister of
the economy, said investment remains central to the government’s strategy to
grow the economy and reduce poverty.
“In terms of where we go next, the key is investment; it is
investment that allows increases in productivity that grows the economy,
creates high quality jobs that lift Nigerians out of poverty in their millions,
which is the aim of Mr. President, so we’re trying to go to 7% growth,” Edun
said.
“You know Building Momentum, that word momentum is in the
title of this NDU. I sense and feel the momentum from the people I met
yesterday that are interested in investing in telecoms technology, broadband
access, to the people I met yesterday who are opening a plant next month that
will produce lubricants, not just for the Nigerian market, but for export to
West Africa, the ECOWAS market, as well as the African continental free trade
area, which is also the opportunity of the time.
“I sense and I feel, it’s anecdotal for now, but it will
reflect in the figures, there’s a momentum to invest in Nigeria.
“Finally, I must also point out that a big part of this push
forward is still focused on the social safety net, focused on not leaving
people behind.
“Every effort is being made to digitize the way in which we
reach out and directly help Nigerians who are so identified for help with
biometric unique identification of everybody that is to be paid.
“I mean payment through digital mechanism, either a BVN, which
means you have a bank account or a mobile one.”
The minister added that the reforms would help sustain
momentum and deliver macroeconomic growth.
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