Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has addressed the challenges facing the nation’s economy during the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria in Abuja on Sunday, describing his role as the second most difficult globally.
“I will continue to remember that in spite of (my job) the second most difficult job on the face of the planet, this is really something that remains very memorable,” he revealed.
Cardoso highlighted recent positive developments, citing reports from the CBN that indicated an influx of approximately $1.8 billion into the markets.
He stressed the importance of sustaining a positive trajectory to overcome economic woes and bring stability to the foreign exchange market.
He stated, “As a result of some of the recent reports from the CBN, over the last week, about $1.8bn came into the markets.
“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.”
Addressing the need for economic diversification, Cardoso emphasized the transition from a consumer to a producer nation.
He revealed attempts to merge the official and black market exchange rates, resulting in a significant reduction in the difference between the two.
The CBN governor acknowledged the challenges of moving beyond Nigeria’s status as a consumer nation, emphasising the significance of reforms implemented by the Federal Government and the Central Bank. He noted the return of international investors as a positive outcome of these reforms.
“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.
“You have got to move as a country beyond being a consumer nation. And it is something that we as Nigerians have been talking about for so long, but really, we’ve not been able to actualize it.
“The other thing, of course, is to moderate appetite for foreign goods. And that’s closely related to what I had said earlier concerning becoming a producer nation because, at the end of the day, many of the things you see and many of the things that bother a lot of people with respect to foreign exchange are all essentially down to demand and supply,” Cardoso added.
Cardoso announced the upcoming Monetary Policy Committee meeting, where critical decisions will be made to enhance the country’s investor-friendly environment.
Despite ongoing economic hardships and protests across the nation, he remains optimistic about Nigeria’s economic prospects.
The opposition party has called for Chief Bola Tinubu’s resignation amid growing economic challenges, reflecting the concerns and frustrations of stakeholders and citizens grappling with the daily struggle for survival.
