Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says it is imperative for Africa to grow, industrialise, create jobs, expand opportunities, and lift millions out of poverty.
According to a statement from the apex bank, Cardoso said that the continent should also decarbonise and build climate resilience.
He said this in his keynote speech at the recent Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation (IFC).
The CBN governor said that the collaborative ambition behind the 30by30 initiative embodied a shared continental vision that Africa’s future must be resilient, climate-aware, and economically sustainable.
He said that through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, the CBN remained dedicated to building a resilient, risk-aware financial framework.
He said that the CBN was also dedicated to advancing green finance, strengthening cross-border cooperation and positioning Africa to withstand shocks, and also to thrive in a changing global economy.
According to Cardoso, resilience begins with credibility.
“In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth.
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” he said.
The CBN governor described climate risk as financial risk.
“It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability,” he said.
He said that Africa contributed the least to climate change yet bore some of its highest costs.
He, however, said that Africa also offered some of the world’s greatest opportunities in renewable energy capacity, biodiversity, a young population, and rapidly evolving financial markets.
“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent.
“By working together deliberately, transparently, and with unwavering commitment, we can build the resilient, sustainable, and inclusive financial systems that Africa needs to withstand future shocks, and also to thrive in the decades ahead.’
