Dr. Olayemi Cardoso, the newly appointed Governor of the Central Bank of Nigeria, CBN, has revealed plans to boost the GDP of the nation to $1 trillion in eight years.
Cardoso answered senators’ questions as he was being vetted and confirmed to be the governor of the top bank.
Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello have all been confirmed as deputy governors.
He gave the assurance that the approved board would implement a number of plans, including short- and long-term objectives to revive the economy.
According to him, steps must be taken to ensure a healthy balance of payments and economic diversification in order to stabilise Nigeria’s exchange rate.
“When considering the inflation dimension, our monetary policy shall be evidence-based. We won’t act on a whim while making decisions.
“We will significantly increase the demand for infrastructure in terms of making sure that our capacity for data collection is enhanced so we can make decisions based on proper data,” he declared.
If he is confirmed as CBN Governor, he claims that the first priority will be to take care of the CBN’s operational problems, which are its unresolved commitments.
He stated that they would do everything necessary to guarantee that they worked closely on the fiscal side and ensured that the issue of deficit financing did not become a problem, arguing that Nigeria will not advance if it is unable to manage that side of foreign currency rates.
He added that players must have a strategy in place and that taking these quick action will loosen constraints on the nation’s business environment.
Cardoso noted that attempts to stabilise the economy include, among other things, eliminating oil subsidies and strengthening tax obligations.
“The CBN’s data collection capabilities need to be greatly improved in order to support the regulatory house’s use of evidence-based decision-making.
“We need to increase food production; the financial side will handle that, and we’ll work closely with them on this as well as on energy to ensure that it happens swiftly.
“Inflation is a direct result of the way money has changed in Nigeria. Studies have also shown that the nation’s inflation may have been influenced by the money supply.
The former Commissioner for Lagos State Ministry of Economic Planning and Budget stated, “We also have to work very closely with the fiscal side to ensure that we work on deficit financing.
The new CBN leadership also promised to maintain a cooperative working relationship with the fiscal policy regulators in order to prevent political tensions from rising.
He asserts that the CBN will adopt a different mentality to encourage compliance and that, under his leadership, the top bank will collaborate with the Senate to ensure that the CBN Act is followed.
Cardoso emphasised the necessity of doing things correctly once more and vowed that no one would be able to take over the bank.
“We won’t break the law—knowingly or inadvertently. The bank will continue to have a culture of compliance. People that disobey us won’t be tolerated. Cardoso continued, “That tone would be totally established from the top.
In order to get the best results, he promised that the new CBN bank will foster an open culture and bring in the best, most qualified experts.
A Deputy Director named Philip Ikeazu said in response to queries from MPs that the new CBN board will “strengthen corporate governance and ensure proper drive of economic policy to maintain price stability and promote a healthy forex.”
He urged the upper house to help the apex bank boost business governance and drive export of locally produced items.
He had just praised the federal government for terminating the fuel subsidy regime and for preventing economic leaks.
The CBN team also stated that the regulatory body has “strayed significantly over the years” and that it is dedicated to getting back on track and assuring honest and open communication with Nigerians.
They pledged to restore the Central Bank’s honour and stated optimism to double economic growth over the next ten years while also increasing the economy’s potential to create more “Dangotes and Otedolas.”
The MPs lamented the economic difficulties facing the nation while expressing concern over the regulatory bank’s engagement in areas outside the purview of the Central Bank Act.
While speaking to the Committee of the Whole, Senate President Godswill Akpabio expressed disapproval of the CBN’s involvement in various projects, including the building of classrooms.
He emphasised the need for an apex bank that is dedicated to giving the economy solid monetary and policy instructions.
Akpabio lamented the fact that the bank’s previous board lost its direction and allowed it to become politicised “with money that belongs to Nigerians.”
“A currency cannot be altered within a week anywhere in the world. The Senate President continued, “But the CBN changed the Naira in just 11 days in order to disrupt the elections and because some politicians advised him that you can run for office after all, you have money with you.
