The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the institution’s commitment to its core mandate of ensuring price stability in the country.
This statement was made during a meeting with the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order, Muhammadu Sanusi II, a former Governor of the CBN.
In the meeting held on Thursday, November 2, 2023, Mr. Cardoso emphasized his determination to change the narrative surrounding the CBN and make the institution more impactful in the lives of Nigerians by curbing inflation.
“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives,” Mr. Cardoso stated.
He also expressed his gratitude to the Impact Investing Community for visiting the CBN, acknowledging that the community represented a promising future for Nigeria with the potential to transform the country’s economy through strategic investments across Nigeria and worldwide.
Furthermore, Mr. Cardoso praised the leadership of the Impact Investing Community for their efforts in creating awareness and building partnerships.
He assured the community of the CBN’s collaboration in implementing frameworks that encourage investments that positively influence the lives of Nigerians and contribute to economic growth.
In his remarks, Khalifa Sanusi, the former CBN Governor and leader of the Impact Investing Community, highlighted the significant impact of the CBN’s work on the lives of Nigerians.
He noted that people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”
Expressing concern about the inflation rate, Khalifa Sanusi encouraged the new CBN leadership to work diligently to reduce it, emphasizing the negative impact of inflation on individuals’ wealth.
He also emphasized the importance of long-term planning by the CBN to achieve its goals, as well as the need for fiscal authorities to focus on sectors such as agriculture and education, especially for the girl-child.
Khalifa Sanusi pledged continued support from the Impact Investing Community to the CBN in achieving its objectives.
Mrs. Ibukun Awosika, Chair of Impact Investing, stated that the community was ready to support the CBN and the Federal Government’s efforts to improve Nigeria’s investment climate by redirecting resources to areas with the most significant positive impact.
She mentioned that over $200 trillion was available globally as investment funds, with $1 trillion allocated to impact investing.
Impact Investing operates in more than 41 countries and expressed its willingness to collaborate with traditional investment practitioners in Nigeria. Mrs. Awosika emphasized the importance of social investment and sought the CBN’s support to achieve the community’s goals.
Dr. Bala Bello, the Deputy Governor in charge of Corporate Services, stressed the importance of investment and noted the global shift towards social investment. He thanked the Impact Investing Community for their support and highlighted the significance of collaboration and effective communication to address the current challenges in the country.