Governor of the Central Bank of Nigeria, Olayemi Cardoso, has provided reassurance to Nigerians regarding the country’s forthcoming economic recovery despite prevailing 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 voiced his confidence in Nigeria’s capacity to surmount economic challenges, affirming, ““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.
“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.”
Speaking on the necessity for economic diversification, Cardoso underscored the significance of shifting from a nation that predominantly consumes to one that produces.
The CBN governor mentioned that efforts had been made to align the official exchange rate with the rates observed in the informal market, resulting in a notable reduction in the disparity between the two.
He also highlighted that one of Nigeria’s challenges in advancing economically is the imperative to transition away from being primarily a consumer-driven nation and curb the 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 revealed that the CBN is scheduled to convene the Monetary Policy Committee meeting soon, highlighting that pivotal decisions will be taken to further enhance the investment climate of the economy.
Nevertheless, Nigeria persists in facing economic adversities, prompting appeals for action.
Stakeholders and citizens express grievances about the ongoing struggle for survival, leading to protests nationwide.
Additionally, the opposition party has called for President Bola Tinubu’s attention amid escalating economic challenges.