Cardoso Tasks Central Banks, DFIs on Africa’s Growth

CAIRO – The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has
stated that Africa must grow, industrialise, create jobs, expand opportunities, and lift
millions out of poverty, while also decarbonising and building climate resilience.
Mr. Cardoso recently stated in his keynote speech at the Egypt 30by30 Programme
organised by the Central Bank of Egypt and the International Finance Corporation
(IFC), that the collaborative ambition behind the 30by30 initiative embodies a shared
continental vision that Africa’s future must be resilient, climate-aware, and
economically sustainable.
Through closer collaboration with the Central Bank of Egypt and partners across the
World Bank Group, he said the CBN remains dedicated to building a resilient, risk-
aware financial framework, advancing green finance, strengthening cross-border
cooperation, and positioning Africa not just to withstand shocks, but to thrive in a
changing global economy.
Governor Cardoso also emphasised that resilience begins with credibility, adding
that “In Nigeria, disciplined and transparent reforms are strengthening
macroeconomic fundamentals and boosting confidence in the financial system,
laying the groundwork for sustainable growth.
“To build resilient financial systems, we must anchor our economies on trustworthy
institutions, credible policies, transparent markets, and risk-aware innovation,” he
added.
Furthermore, Governor Cardoso noted that “Climate risk is financial risk. It affects
sovereign ratings, cost of capital, inflation dynamics, food security, insurance
markets, and fiscal sustainability.”
He argued that Africa contributes the least to climate change yet bears some of its
highest costs. He, however, noted that Africa also offers some of the world’s greatest
opportunities in renewable energy capacity, biodiversity, a young population, and
rapidly evolving financial markets.
“To seize these opportunities, we must innovate for resilience, not as isolated
nations, but as a continent. By working together deliberately, transparently, and with
unwavering commitment, we can build the resilient, sustainable, and inclusive
financial systems that Africa needs not only to withstand future shocks but also to
thrive in the decades ahead,” Governor Cardoso noted.
The engagement underscored a defining imperative for the continent: Africa’s
financial future depends on a dual commitment to stability and sustainability.