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Cardoso Targets $1trn GDP for Nigeria in Eight Years

Olayemi Cardoso, the newly confirmed Governor of the Central Bank of Nigeria (CBN), has outlined an ambitious plan to boost the nation’s Gross Domestic Product (GDP) to a staggering $1 trillion within the next eight years. This revelation came during Cardoso’s confirmation hearing before the Senate, where he shared his vision for revitalizing Nigeria’s economy.

The confirmation process also saw the approval of deputy governors: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello, forming a formidable team under Cardoso’s leadership.

Cardoso emphasized that achieving stability in Nigeria’s exchange rate would require a multifaceted approach, including a balanced balance of payments and economic diversification. He highlighted the importance of evidence-based monetary policy to combat inflation and stressed the necessity of improving data collection for informed decision-making.

One of Cardoso’s immediate priorities as CBN Governor is to address outstanding obligations of the CBN and tackle issues surrounding foreign exchange rates. He stressed the importance of working closely with the fiscal side to manage deficit financing and ease restrictions in the country’s business environment.

Furthermore, Cardoso discussed strategies such as removing oil subsidies, strengthening tax payments, and ramping up food production. He also acknowledged the impact of money supply on inflation and pledged to collaborate with the fiscal side to address deficit financing.

The new CBN leadership committed to fostering a collaborative relationship with fiscal policy regulators to maintain stability and compliance. Cardoso emphasized a culture of adherence to the law and vowed not to allow the bank to be influenced by external forces.

Deputy Director Philip Ikeazor emphasized the board’s commitment to corporate governance, price stability, and promoting a healthy forex market. He called on the Senate’s support in driving the export of locally manufactured goods.

During the confirmation proceedings, lawmakers expressed concerns about the CBN’s involvement in sectors outside its mandate and stressed the need for a focused apex bank providing sound policy and monetary direction.

Senate President Godswill Akpabio criticized the previous board for veering into politics and interfering with Nigeria’s currency. He highlighted the importance of maintaining the CBN’s integrity and focus on its core responsibilities.

The new CBN team’s ambitious goal of reaching a $1 trillion GDP within eight years signals a strong commitment to revitalizing Nigeria’s economy and restoring the central bank’s reputation as a pillar of financial stability. Their vision hinges on collaboration, compliance, and evidence-based policymaking.

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