The Central Bank of Nigeria (CBN) will step back from direct development finance interventions and refocus on its core mandate of monetary policy and advisory roles, according to CBN Governor Olayemi Cardoso.
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In a statement on Thursday, Cardoso said the apex bank under previous leadership had blurred lines by engaging in fiscal interventions outside its purview. He noted that the CBN will now play an advisory role by promoting specialized institutions and financial products that catalyze emerging economic sectors.
The CBN chief outlined new regulatory frameworks to unlock dormant capital in real estate, expand consumer credit access and financial inclusion. He identified housing, textiles, food supply chains, healthcare and education as sectors with high local input potential for rapid industrialization.
Cardoso stressed that the CBN will leverage its convening power to foster public-private partnerships between stakeholders on development initiatives. However, he cautioned that the apex bank does not have a magic wand to immediately solve the large, complex economic problems it inherited.
The governor said focused leadership and sustained reforms will over time attract investments, create jobs and improve prosperity. He highlighted reforms around corporate governance, institutional autonomy, unorthodox policies, forex management and financing of fiscal deficits.
According to Cardoso, the CBN is weighing options to clear forex backlogs, ensure price stability and enforce statutory limits in deficit financing. He expressed confidence that the bank will fulfill its mandate through the ongoing reforms.
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