In a powerful keynote address delivered at the 59th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), unveiled his ambitious economic agenda for 2025. At the event, Cardoso, alongside Lagos State Governor Babajide Sanwo-Olu, was conferred the prestigious CIBN Fellowship, underscoring his pivotal role in Nigeria’s financial evolution.
With a focus on price stability, financial inclusion, fintech leadership, and cross-border payment systems, Cardoso’s reforms aim to secure Nigeria’s economic future while fostering innovation and stability in the financial ecosystem.
Reinforcing Trust and Stability in the Financial Sector
Governor Cardoso emphasized the Central Bank’s commitment to maintaining robust cash flow, particularly during high-demand periods such as year-end festivities. He issued a firm warning to financial institutions engaged in malpractice or obstructing seamless cash flow.
“The CBN will maintain a robust cash buffer to meet the country’s needs, ensuring a seamless cash flow for Nigerians while fostering trust and stability in the financial system,” he stated.
Cardoso also encouraged Nigerians to report any cash withdrawal challenges at banks or ATMs directly to the CBN from December 1, 2024.
Prioritizing Inflation and Price Stability
Acknowledging the challenges posed by persistently high inflation, Olayemi Cardoso expressed optimism about recent positive indicators.
“Inflation remains unacceptably high, but the signs are encouraging. Our commitment is unwavering: we will prioritize price stability until its benefits are felt by every Nigerian,” he affirmed.
The CBN’s strategy involves addressing inflationary pressures while ensuring that liquidity ratios remain robust, thus safeguarding the resilience of Nigeria’s banking sector.
A Thriving Banking Sector and Support for MSMEs
The resilience of Nigeria’s banking industry was a focal point of Cardoso’s address. With non-performing loans (NPLs) under 5% and liquidity ratios exceeding 30%, the sector is well-positioned to stimulate economic growth.
SEE ALSO: Telecom-Bank Showdown: NCC and CBN Join Forces to Tackle Mounting USSD Debt Crisis
Cardoso underscored the importance of banks in providing tailored solutions to empower customers and enabling micro, small, and medium enterprises (MSMEs) to access credit.
“Banks must rise to their intermediation and market-making responsibilities. Delivering innovative, customer-centered solutions is key to enabling businesses to thrive.”
Fintech Leadership and Innovation in Payment Systems
Nigeria’s burgeoning fintech ecosystem received significant praise, with Cardoso highlighting its role in driving financial inclusion and attracting global investments. The country has cemented its position as a leader in innovation, with several fintech companies attaining unicorn status in 2024.
The Payment System Vision 2025 was also unveiled, with a focus on:
- Expanding cross-border payment systems to enhance trade and investment.
- Implementing a comprehensive open banking framework to foster transparency and innovation.
- Driving the adoption of contactless payment systems to enhance ease of transactions.
- Broadening the scope of the regulatory sandbox, enabling startups to test cutting-edge solutions within a controlled environment.
Empowering the Next Generation Through Mentorship
In an effort to build a resilient and innovative workforce, the CBN plans to launch mentorship and capacity-building programs aimed at equipping young Nigerians with the skills needed to contribute to economic growth and sustainability.
“This is not just the Central Bank’s journey; it is Nigeria’s journey. We are building an economy where every individual, every business, and every community can thrive,” Cardoso stated passionately.
Collaboration: A Collective Responsibility
Cardoso concluded his address with a call for unity, urging all stakeholders—banks, regulators, businesses, and citizens—to work together to achieve Nigeria’s economic vision.
“This vision will not be achieved by one institution alone. It requires all of us to work together with steadfast resolve.”
Recognitions at the Event
The evening was marked by celebrations, as Governor Olayemi Cardoso and Lagos State Governor Babajide Sanwo-Olu were awarded the CIBN Fellowship. The honor highlighted their outstanding contributions to Nigeria’s financial and economic sectors.
A Vision for 2025 and Beyond
Governor Cardoso’s address at the 59th Annual Bankers’ Dinner was a clarion call for a united approach to economic resilience and transformation. With bold reforms centered on innovation, inclusion, and stability, the CBN’s 2025 agenda promises to redefine Nigeria’s economic landscape, ensuring a prosperous future for its citizens.
Nigeria’s economic future is being shaped today. With Cardoso’s visionary leadership and an unwavering commitment to reform, the path to a resilient and inclusive economy has never been clearer.