Central Bank of Nigeria Governor, Olayemi Cardoso, provided reassurance to Nigerians regarding the country’s economic recovery prospects despite prevailing challenges.
During his address at the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria in Abuja on Sunday, Cardoso acknowledged the formidable nature of his role, labelling it the second most challenging globally.
“I will continue to remember that despite occupying the second most difficult job on the face of the planet, this remains a profoundly memorable responsibility,” he stated.
Expressing confidence in Nigeria’s capacity to surmount economic hurdles, Cardoso cited recent reports from the CBN indicating an influx of about $1.8 billion into the markets over the past week.
“As long as the country maintains a positive trajectory, Nigeria can emerge from its economic woes, leading to a moderation in the foreign exchange market,” he asserted.
Highlighting the imperative of economic diversification, Cardoso underscored the need for Nigeria to transition from a consumer-driven economy to a producer-driven one.
He also mentioned efforts to narrow the gap between the official and black market exchange rates, noting significant progress in this regard.
“One of Nigeria’s challenges in economic advancement lies in shifting from a consumer-oriented nation to one that produces. It’s a transformation we’ve discussed extensively but struggled to realise,” Cardoso explained.
He emphasised the importance of curbing the nation’s appetite for foreign goods, linking it to the overarching goal of becoming self-sufficient.
Cardoso disclosed plans for an upcoming Monetary Policy Committee meeting, where pivotal decisions will be made to foster a more investor-friendly economic environment.
Despite these efforts, Nigeria continues to grapple with economic hardships, prompting widespread calls for action. Stakeholders and citizens alike decry the daily struggle for survival, leading to protests across the nation. The opposition party has intensified its demand for President Bola Tinubu’s intervention in light of the escalating economic challenges.
