Cardoso urges African central banks, DFIs to accelerate growth, climate action

GOVERNOR of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African central banks and development finance institutions to take a more coordinated and ambitious approach to driving the continent’s growth, stressing that Africa must industrialise, generate jobs, broaden economic opportunities, and lift millions out of poverty, while advancing decarbonisation and strengthening climate resilience.

Delivering a keynote address at the Egypt 30by30 Programme hosted by the Central Bank of Egypt in partnership with the International Finance Corporation (IFC), Mr Cardoso said the collaborative spirit behind the 30by30 initiative reflected a shared continental resolve to build a future that was resilient, climate-conscious, and economically sustainable.

He noted that the programme highlighted the growing recognition among African policymakers that financial stability and environmental sustainability were no longer separate pursuits, but deeply interconnected priorities.

Mr Cardoso explained that through strengthened cooperation with the Central Bank of Egypt and other partners across the World Bank Group, the CBN was committed to deepening reforms that will reinforce financial system resilience. These include embedding risk awareness into regulatory frameworks, accelerating green finance initiatives, enhancing cross-border collaboration, and ensuring African economies are not merely shielded from global shocks but positioned to prosper despite them.

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According to him, resilience must begin with credibility. He pointed out that in Nigeria, disciplined and transparent policy reforms were helping to restore macroeconomic stability, reinforce market confidence, and strengthen the financial system’s foundations for long-term growth.

“In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth,” he said.

He added that building resilient financial systems required economies to be anchored on trustworthy institutions, credible policy direction, transparent markets, and innovation that was both responsible and risk-conscious, noting that climate change was no longer an abstract.