The Central Bank of Nigeria’s Governor, Olayemi Cardoso, has reiterated his dedication to ensuring the stability of the nation’s banking sector. Speaking at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos, Cardoso expressed optimism about the ongoing bank recapitalization exercise, stating that it is yielding positive results and will ultimately lead to more robust financial institutions capable of withstanding economic shocks and driving growth.
During a fireside chat moderated by Andreas Voss, Chief Country Representative of Deutsche Bank Nigeria, Cardoso outlined his administration’s key focus areas. He emphasized the importance of maintaining stability in the financial system while tackling inflation and promoting corporate lending and investment. According to him, the current high headline inflation rate is gradually decreasing due to collective efforts, and the CBN is committed to protecting the stability that has been re-established in the financial system.
Cardoso also highlighted the potential for interest rates to decrease in the future as inflation continues to decline and markets become more efficient in allocating capital. This, he said, would create an environment conducive to stronger corporate lending and higher levels of investment. The CBN Governor noted that the recapitalization directive aimed to fortify the financial system, enabling it to support a broader range of economic activities.
To drive growth and address poverty, Cardoso emphasized the need for technology-driven solutions to deepen financial access and expand financial inclusion. He also stressed the importance of strengthening the fintech ecosystem. Furthermore, he revealed that his administration is working closely with the fiscal sector, including the Ministry of Finance, the Ministry of Trade and Industry, and the Budget Office, to achieve these objectives.
Cardoso’s appearance at the forum underscores his commitment to making Nigeria an attractive investment destination. His message was well-received by members of the EU Chambers, who praised the CBN’s reforms and the stabilization of the naira as key drivers of renewed investor confidence. As the CBN continues to work towards maintaining stability and promoting growth, its efforts are expected to have a positive impact on the nation’s economy.
