, Olayemi Cardoso, has announced the establishment of a new compliance department aimed at addressing previous challenges in line with global standards.){kind=link}
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the establishment of a new compliance department aimed at addressing previous challenges in line with global standards.
Mr. Cardoso made the announcement on Thursday during the virtual launch of the 2025 Macroeconomic Outlook Report, titled ‘Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond’, organized by the Nigerian Economic Summit Group. The hybrid event took place in Lagos.
The CBN Governor stated that the new department would focus on creating a more transparent and resilient financial sector capable of driving Nigeria’s economic growth.
He emphasized that the bank would prioritize exchange rate stability to ensure businesses thrive and support fiscal policies in key sectors of the economy.
Highlighting inflation as a major threat to business sustainability, Mr. Cardoso assured that CBN would continue reinforcing financial institutions to enable them to better serve the real sector.
He reiterated the importance of the National Credit Guarantee Company, which is designed to mitigate lending risks in critical industries.
The Governor also reaffirmed CBN’s GDP growth projection of 4.17% for 2025, presenting an optimistic outlook for the nation’s economy.
He emphasized the need for collaboration between monetary and fiscal authorities, as well as the private sector, to achieve sustainable growth.
Mr. Cardoso attributed the projected growth to ongoing government reforms, stable crude oil prices, improvements in domestic oil production, and inflows from Nigerians in the diaspora.
He expressed confidence that the country’s economic challenges were being addressed, with signs of positive outcomes from the current reforms.
He acknowledged the increasing interest from investors but stressed that the CBN would remain vigilant in its efforts to curb inflation.
Agreeing with the NESG, he advocated for greater dialogue to resolve economic challenges, noting that effective communication could have alleviated many of the current inherited issues.
Mr. Cardoso concluded by stating that the bank was making difficult but necessary decisions to rectify past mistakes and set Nigeria on a path to growth, with inflation expected to decline as the impact of the economic reforms takes hold in 2025.