The governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced plans to establish a compliance department.
On Thursday, Mr Cardoso announced the plan during the launch of the 2025 Macroeconomic Outlook Report, titled ‘Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond’ by the Nigerian Economic Summit Group.
The governor, who participated virtually in the hybrid event held in Lagos, stated that the new compliance department would address past challenges in line with global standards.
He added that the department would entrench a transparent and resilient financial sector that can drive Nigeria’s economic growth and development.
He said that the apex bank would prioritise exchange rate stability for businesses to thrive while supporting fiscal policies in critical sectors of the economy.
Mr Cardoso said that CBN would continue strengthening financial institutions to enable them to support the real sector effectively. He insisted that inflation was the real killer of businesses while explaining measures to keep the figures low.
He said that CBN would continue to strengthen financial institutions to support the real sector effectively, especially by establishing the National Credit Guarantee Company to de-risk lending to critical sectors.
He reaffirmed CBN’s projection of 4.17 per cent GDP growth for the nation in 2025, representing a positive outlook.
Mr Cardoso called for collaboration between monetary and fiscal authorities, alongside private sector participation, to achieve growth.
Mr Cardoso added that the growth is anchored on sustained implementation of government reforms, stable crude oil prices, improvements in domestic oil production, and diaspora inflows, among others.
According to him, the apex bank is working tirelessly to find solutions to Nigeria’s economic challenges while expressing joy that ongoing reforms are yielding positive results.
He explained that investors were already flocking to the nation but that CBN would not rest on its oars as it strives to tame inflation. Mr Cardoso agreed with the NESG on dialogue towards resolving economic challenges, adding that effective communication would have prevented current inherited economic problems.
He said that the apex bank was making some painful but necessary decisions to right the wrongs and set Nigeria on a growth path. He explained that inflation, which is the real killer of businesses, was projected to decline in 2025 as the impact of economic reforms began to take effect.
