Governor of the Central Bank of Nigeria, Olayemi Cardoso, has assured Nigerians of the country’s imminent economic recovery despite challenges.
Speaking at the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria in Abuja, on Sunday, Cardoso described his job 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 said.
He expressed confidence in Nigeria’s ability to overcome economic woes, stating, “As a result of some of the recent reports from the CBN, over the course of the last week, about $1.8bn came into the markets.
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“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 emphasised the importance of transitioning from a consumer to a producer nation.
The CBN governor added that an attempt to merge the official rate with the black market rate had been made.
He stated that the difference between the two is now significantly lower.
He further said one of the problems of economic advancement in Nigeria is finding ways to move as a country beyond being a consumer nation and shelf appetite for foreign goods.
“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 with respect to 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 said.
He disclosed that the CBN will soon hold the Monetary Policy Committee meeting, noting that very critical decisions will be made to continue making the economy more investor-friendly.
However, Nigeria continues to grapple with economic hardships, prompting calls for action.
Stakeholders and citizens lament the daily struggle for survival, with protests erupting across the country.
The opposition party has also demanded President Bola Tinubu’s resignation amid escalating economic challenges.
