By Anthony Emeka Nwosu
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been conferred with the prestigious Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) at the 59th Annual Bankers Dinner held in Lagos. In his keynote address, Cardoso outlined Nigeria’s economic outlook for 2025, emphasizing the need for greater economic diversification and robust reforms to ensure financial stability.
Banking Sector Resilience and Economic Reforms
Reflecting on the past year, the governor highlighted the resilience of the banking sector, citing a non-performing loan (NPL) ratio under 5% and liquidity ratios exceeding 30%. He assured that banks are well-positioned to drive economic growth, particularly through increased credit access for micro, small, and medium enterprises (MSMEs).
“Our journey toward economic reform has yielded encouraging results,” Cardoso noted, adding that the CBN is committed to fostering trust and stability in the financial system.
The Riot Act on Financial Malpractices
Addressing allegations of financial malpractice and deliberate cash flow disruptions, the CBN governor read the riot act to institutions found culpable. “The CBN will not tolerate any sabotage of seamless cash flow for Nigerians,” he said, urging customers to report difficulties in withdrawing cash from bank branches or ATMs directly to the CBN starting December 1, 2024.
Inflation, Innovation, and Financial Inclusion
While acknowledging that inflation remains unacceptably high, Cardoso expressed optimism, saying, “Our commitment to price stability is unwavering. We aim to ensure the benefits are felt by every Nigerian.”
He commended Nigeria’s burgeoning fintech sector for driving financial inclusion and attracting global investors, with several startups achieving unicorn status this year. “Nigeria’s leadership in innovation is undeniable,” he declared.
Payment System Vision 2025 and Capacity Building
Unveiling the CBN’s Payment System Vision 2025, Cardoso outlined plans to advance cross-border payments, implement an open banking framework, and expand the regulatory sandbox to foster innovation.
He also announced the launch of comprehensive mentorship and capacity-building initiatives to equip young Nigerians with the skills needed to drive economic resilience and sustainable growth.
A Call to Collective Action
Cardoso charged financial institutions to rise to their market-making responsibilities and deliver tailored solutions that empower customers to manage risks effectively. “This is not just the Central Bank’s journey; it is Nigeria’s journey. Building an economy where every individual, business, and community thrives requires collaboration among banks, regulators, businesses, and citizens,” he stated.
Recognition and Fellowship Awards
The evening also celebrated outstanding contributions to the banking industry, with CBN Governor Cardoso and Lagos State Governor Babajide Sanwo-Olu being awarded the CIBN Fellowship for their dedication to economic transformation.
As Nigeria steps into 2025, Cardoso’s vision signals a robust and inclusive approach to tackling economic challenges and positioning the nation as a leader in innovation and financial growth.
