Cardoso Emphasizes CBN’s Inflation-Fighting Focus on Price Stability

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reiterated his commitment to the central bank’s core mandate of ensuring price stability. This reaffirmation of purpose was made during a meeting with the Impact Investing Community, led by the 14th Emir of Kano, Muhammadu Sanusi II, who is a former Governor of the CBN. The meeting served as a platform for discussing the central bank’s strategies to combat inflation and enhance its impact on the lives of Nigerians.

Cardoso expressed his determination to transform the CBN’s role in the country, emphasizing the importance of curbing inflation and ensuring that CBN’s policies have a positive impact on people’s lives. He stated, “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.” Cardoso’s vision is to change the narrative about the CBN, making it more impactful in the lives of Nigerians by ensuring price stability and fostering economic growth.

He also recognized the potential of the Impact Investing Community to play a significant role in transforming Nigeria’s economy. Cardoso promised that the CBN would collaborate with the community to create frameworks that encourage investments and foster economic development.

Muhammadu Sanusi II, the former CBN Governor and leader of the Impact Investing Community, acknowledged the substantial impact of the CBN’s activities on the lives of Nigerians. He stressed that the importance of a central bank’s work often becomes evident only when a central bank fails. Sanusi encouraged the new leadership at the CBN to work diligently to reduce the inflation rate, which has had a detrimental effect on the wealth of individuals.

Sanusi emphasized the need for long-term planning by the CBN to achieve its goals and called on fiscal authorities to focus on sectors such as agriculture and education, particularly for the girl-child. He pledged his continued support, along with the Impact Investing Community, to assist the CBN in achieving its objectives.

Mrs. Ibukun Awosika, the Chairperson of the Impact Investing Community, expressed the organization’s willingness to support the CBN. She outlined their commitment to transforming Nigeria’s investment climate by reallocating resources to areas with the most positive impact. Awosika highlighted the global scale of available investment funds, with over $200 trillion worldwide, of which Impact Investing controls one trillion dollars. The organization operates in more than 41 countries and is eager to collaborate with traditional investment practitioners to make a substantial impact in Nigeria.

Awosika sought the CBN’s support to enable the Impact Investing Community to achieve its goals and create a more conducive environment for sustainable and impactful investments in the country.

Dr. Bala Bello, CBN’s Deputy Governor for Corporate Services, emphasized the growing importance of social investment in the global financial landscape. He stressed the significance of collaboration and effective communication to navigate the current challenges in Nigeria successfully. Bello underscored the CBN’s commitment to working with organizations like the Impact Investing Community to promote investments that contribute to the well-being of the Nigerian population.

In summary, Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reiterated the CBN’s commitment to its core mandate of ensuring price stability during a meeting with the Impact Investing Community. The CBN aims to make its policies more impactful in the lives of Nigerians by curbing inflation and fostering economic growth. Collaboration with the Impact Investing Community is expected to create investment frameworks that contribute to the country’s economic development. Muhammadu Sanusi II and Mrs. Ibukun Awosika expressed their support and commitment to working with the CBN to transform Nigeria’s investment climate and achieve their common goals. Dr. Bala Bello emphasized the importance of global capital moving towards social investment and stressed the need for effective collaboration to navigate current challenges in the country.