By Benson Daniel
The Central Bank of Nigeria (CBN) has outlined a roadmap for strengthening Africa’s economic resilience, urging African nations to deepen regional integration, diversify their economies and embrace financial innovation to navigate the rapidly evolving global economic landscape.
Speaking at a high level economic forum, the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, said Africa must reposition itself to take advantage of shifting global trade patterns, technological advancement and changing investment flows by implementing sound macroeconomic policies and strengthening economic institutions.
Cardoso noted that while global economic uncertainties, geopolitical tensions and supply chain disruptions continue to challenge developing economies, they also present an opportunity for African countries to build more resilient and self sustaining economic systems.
He stressed that sustainable growth would depend on prudent monetary policies, fiscal discipline, stronger financial markets and increased investment in productive sectors capable of generating employment and improving export competitiveness.
According to the CBN Governor, greater collaboration among African central banks and policymakers is essential to maintaining financial stability, reducing inflationary pressures and enhancing cross border trade under the African Continental Free Trade Area (AfCFTA).
He also highlighted the importance of digital financial services, financial inclusion and technological innovation in expanding access to banking services while supporting small and medium scale enterprises across the continent.
Cardoso reaffirmed the CBN’s commitment to maintaining price stability, strengthening the banking sector and implementing reforms that encourage investor confidence and sustainable economic growth in Nigeria.
He observed that recent reforms in the foreign exchange market and monetary policy are gradually restoring stability and improving market confidence, while creating conditions for increased domestic and foreign investment.
The CBN Governor called on African governments to prioritise infrastructure development, industrialisation, human capital development and value addition across key sectors, arguing that these measures would reduce dependence on commodity exports and strengthen long term economic resilience.
He expressed confidence that with coordinated policy actions, stronger institutions and strategic partnerships, Africa can emerge as a more competitive player in the evolving global economy while delivering inclusive growth and improved living standards for its citizens.
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