CBN Governor, Cardoso, Pledges Vigorous Fight Against Inflation

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured Nigerians of his commitment to fight inflation and ensure price stability in the country. He made this pledge during a strategic meeting with the Impact Investing Community, a group of social investors led by former CBN governor, Muhammadu Sanusi II. Cardoso also identified the untapped investment opportunities in various sectors of the Nigerian economy, promising to support investments that enhance economic growth.

Cardoso stated that his primary objective as the CBN governor is to maintain price stability and reduce the high inflation rate in the country. He said that the bank’s policies should have a positive impact on the welfare of Nigerians. He recognized the vital role that the CBN plays in managing inflation and stressed the need for long-term planning, especially in the agriculture and education sectors, to ensure sustainable development.

Sanusi, who served as the CBN governor from 2009 to 2014, expressed his worries about the soaring inflation rate in Nigeria and its negative effects on wealth creation. He urged the new CBN leadership to be relentless in driving down the inflation rate. He also emphasized the importance of long-term planning in achieving the CBN’s goals.

The Impact Investing Community, under the leadership of Sanusi, visited the CBN to show their support for transforming Nigeria’s investment climate. They highlighted the potential benefits of impact investing in areas such as healthcare access, education, sustainable agriculture, and poverty alleviation. The group expressed their readiness to collaborate with traditional investment practitioners to make a positive impact in Nigeria. They sought the CBN’s support to achieve their social investment goals.

The meeting also underscored the importance of collaboration and effective communication in addressing the current challenges in Nigeria. Dr. Bala Bello, the deputy governor in charge of Corporate Services, acknowledged the importance of social investment, stating that global capital is moving towards this direction. He thanked the Impact Investing Community for their support and reiterated the need for collaboration between the CBN and the community.

Besides the focus on price stability and inflation, the meeting also discussed the issue of Dangote Industries’ repatriation of funds from its pan-African operations. The company affirmed its commitment to genuine investments in Nigeria and Africa, calling for an investigation into their foreign exchange transactions to prove their compliance with regulations.