CBN: My Focus is to Ensure Price Stability, Says Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has
reiterated that under his leadership, the Bank will focus mainly on the core mandate of price stability.

He disclosed this on Thursday, November 2, 2023, while playing host to the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who is also a former governor of the apex bank.

Addressing the team in his office, Cardoso said he and his team were determined to
change the narrative about the bank and make it more impactful on the lives of
Nigerians by curtailing inflation.

Awosika, Sanusi, Cardoso and others

He said: “At the end of our tenure, we want to look back and see that our policies have
positively impacted people’s lives.”

Speaking further, Cardoso thanked the Impact Investing Community for visiting the CBN,
noting that the community represented an excellent future for Nigeria and had the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.

While commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN governor assured them that the bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that would positively influence the lives of Nigerians and contribute to economic growth.

In his remarks, Khalifa Sanusi expressed happiness at visiting the new CBN Governor.

He noted that the bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

While expressing concerns about the inflation rate, he urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

Sanusi also acknowledged the importance of long-term planning by the CBN in achieving its
goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and
education, especially for the girl-child.

Khalifa Sanusi, therefore, pledged his continued support, along with the Impact Investing
Community, to the CBN in achieving its goals.

Also speaking, the Chair of Impact Investing, Ibukun Awosika, said they were at the
CBN to register their willingness to support what the bank and the Federal Government
were doing in terms of changing Nigeria’s investment climate by redirecting resources to
areas where they would make the most positive impact.

According to her, over $200 Trillion was available around the globe as investment funds, with $1 Trillion of it with impact investing.

She further stated that Impact Investing, with a
presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

While stressing the importance of social investment, Awosika sought the support of the CBN to enable the body achieve its goal.

Equally speaking at the meeting, the Deputy Governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investment, noting that global capital was
moving towards social investment.

He thanked the team for its support, noting that
collaboration and effective communication were vital to successfully navigating the current challenges in the country.