Africa needs strong banks, green growth, says CBN
Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, has said African countries must pursue economic growth, industrial development and job creation while also dealing with climate challenges that threaten long-term stability and prosperity.
In his keynote at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation (IFC), where he spoke on the need for Africa to combine economic progress with environmental responsibility, Cardoso said Africa must expand opportunities for its citizens and lift millions out of poverty while at the same time reducing carbon emissions and building strong systems that can withstand climate shocks. According to him, the vision behind the 30by30 initiative reflects a shared determination across the continent to create an Africa that is economically stable, environmentally responsible and prepared for future risks.
A statement from the CBN said Cardoso explained that through cooperation with the Central Bank of Egypt and other partners within the World Bank Group, Nigeria’s central bank remains committed to building a strong and risk-conscious financial system
He said the effort includes promoting green finance, strengthening financial cooperation among African countries and ensuring that the continent’s economies are prepared not just to survive global disruptions but to grow despite them.
Speaking on the importance of trust in economic management, the CBN governor said 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,” he said. He added that strong financial systems depend on institutions people can trust, policies that are reliable, markets that are open and innovations that properly consider risks
