New CBN Governor Cardoso Vows to Boost GDP to $1 Trillion in 8 Years
The recently appointed Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has revealed intentions to boost the nation’s gross domestic product(GDP) to $1 trillion within the next eight years.
Cardoso made these remarks during his confirmation hearing before senators as the newly appointed governor of the central bank. Additionally, the following individuals have been confirmed as deputy governors: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello.
He pledged that the confirmed board would implement various strategies, encompassing both short-term and medium-term objectives, to restore the economy. Dr. Cardoso emphasised the importance of achieving stability in Nigeria’s exchange rate, highlighting the need for measures that support a healthy balance of payments and economic diversification. He also stressed the commitment to evidence-based monetary policy in addressing inflation, avoiding arbitrary decisions.
“We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.
Dr. Cardoso emphasised that his immediate focus, if confirmed as CBN Governor, would be addressing operational issues, particularly the outstanding obligations of the CBN.
He expressed his belief that Nigeria’s progress is closely tied to its ability to manage the foreign exchange rate effectively. He pledged to collaborate closely on the fiscal side to prevent challenges related to deficit financing.
Cardoso emphasised the importance of having a clear and well-known strategy to benefit business operations in Nigeria. He noted that these initial actions would help alleviate restrictions in the country’s business environment.
Additionally, he mentioned that measures such as eliminating the oil subsidy and improving tax collection are essential for economic stability. Cardoso stressed the need to enhance the CBN’s data gathering capacity to support evidence-based decision-making by the regulatory authority.
The CBN team acknowledged that the regulatory body had deviated from its intended path over the years. They pledged to rectify this and establish open, transparent communication with the Nigerian public.
They also expressed their commitment to restoring the Central Bank’s reputation and aimed to achieve double economic growth in a 10-year span. Their goal is to boost the economy’s capacity to produce more prominent figures like “Dangotes and Otedolas.”
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