Cardoso Says Not Responsible for Nigeria’s Economic Woes

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), dismissed allegations of responsibility for the nation’s economic challenges during a press briefing at the Monetary Policy Committee (MPC) meeting held in Abuja on February 27, 2024. Cardoso, who assumed office in September 2023, addressed journalists, affirming that neither he nor his team should be held accountable for the prevailing economic difficulties.

In his remarks, Cardoso emphasized the proactive measures taken by the CBN to address the country’s fiscal and monetary concerns, despite inheriting a landscape marked by a crisis of confidence. He stressed the ongoing efforts aimed at restoring stability to Nigeria’s economic landscape and highlighted the progress achieved thus far.

Acknowledging the gravity of the situation, Cardoso expressed a commitment to undertaking challenging initiatives essential for fostering economic recovery. Responding to queries implicating the CBN in Nigeria’s economic downturn, Cardoso defended the bank’s policies and actions, citing broader systemic factors at play.

“I laugh at that question but it’s not a laughing matter,” Cardoso retorted. “And I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

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