“$1 Trillion in 8 Years:” New CBN Governor Sets Agenda For New GDP Goal For Nigeria
- Olayemi Cardoso, the new Governor of the Central Bank of Nigeria (CBN), has said Tinubu’s government is targeting a $1 trillion GDP in eight years
- Cardoso revealed in Morocco that the CBN would end all CBN intervention schemes
- According to him, the bank will focus on advisory roles and economic recovery
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The new Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is already setting a lofty agenda for Nigeria’s economic recovery.
He said the economic policy proposals of President Bola Tinubu’s government could achieve a $1 trillion GDP in 8 years.
Source: Twitter
Cardoso said Nigeria is ready to achieve new economic growth
The new helmsman of the apex bank said in Marrakesh, Morocco, on Thursday, October 12, 2023, that efforts are on to refocus the CBN for economic growth and recovery, stating that Nigeria would identify fiscal reforms and growth goals that would make that achievable in eight years.
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Cardoso said Nigeria is positioned to grow economically based on a recent study of emerging markets, giving the reasonable implementation of the proposed economic reforms.
He said:
“In economies more enormous than $1.0 trillion dollars, these indicators include moderate inflation, sizable foreign reserves, and the capacity to rebound quickly from a cyclical economic downturn.
“Given this, a refocused CBN will better serve Nigeria through monetary policy interventions and advisory roles that sustain implementation of the administration’s fiscal proposals,’’ Cardoso said.
CBN to stop loan schemes and other intervention programmes
The Guardian reports that Cardoso revealed that the lines between monetary policy and fiscal interventions should be delineated. The apex bank needed to pull back from its developmental financing schemes into a more advisory role.
“It should facilitate new regulatory frameworks to unlock dormant capital in land and property holdings,’’ he said.
Cardoso faces a considerable task as the naira plummets against the USD
Cardoso is facing the massive task of stabilizing the local currency, which has spiraled out of control.
Nigeria is battling a vast Forex crisis which has crippled the naira against the US dollar and other major currencies.
As Cardoso spoke in Marrakesh, the naira exchanged for N1,045 per dollar on the streets of Nigeria while the official market also took a significant hit.
The fall in the local currency has increased the prices of goods and services, sending the cost of living through the roof.
Yemi Cardoso unveils his plans as CBN Governor, promises shift From Emefiele's Policies
Legit.ng reported that Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor, has promised a policy shift in the future direction of the apex bank.
The Nation reports that one of Cardoso's plans is to shift CBN's focus away from direct involvement in development finance initiatives, a hallmark of former Godwin Emefiele's leadership.
Under Emefiele, the CBN developed over 12 intervention Programmes. They include the Anchors Borrowers Programme for farmers, the Power and Airline Intervention Fund (PAIF), and the Youth Innovative Entrepreneurship Development Programme (YIEDP).
Source: Legit.ng
