Cardoso Tasks Central Banks, DFIs on Driving Africa’s Sustainable Growth
Oru Leonard
CAIRO – The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has called on African central banks and Development Finance Institutions (DFIs) to take the lead in driving the continent’s growth, industrialisation, and climate resilience.
Cardoso made the call during his keynote address at the Egypt 30by30 Programme organised by the Central Bank of Egypt in collaboration with the International Finance Corporation (IFC).
He stressed that Africa must grow its economies, industrialise, create jobs, expand opportunities, and lift millions out of poverty, while also decarbonising and building resilience against climate change.
According to him, the collaborative ambition behind the 30by30 initiative reflects a shared continental vision of a future that is resilient, climate-aware, and economically sustainable.
Cardoso said that through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, the CBN remains committed to building a resilient and risk-aware financial framework. This, he noted, includes advancing green finance, strengthening cross-border cooperation, and positioning Africa not merely to withstand global shocks but to thrive amid changing economic conditions.
The CBN governor emphasised that resilience must begin with credibility. He noted that disciplined and transparent reforms in Nigeria are strengthening macroeconomic fundamentals and restoring confidence in the financial system, thereby laying the foundation for sustainable growth.
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” Cardoso said.
He further underscored the growing link between climate and finance, warning that climate risk is now financial risk, with direct implications for sovereign ratings, cost of capital, inflation, food security, insurance markets, and fiscal sustainability.
While acknowledging that Africa contributes the least to global climate change yet bears some of its heaviest consequences, Cardoso pointed to the continent’s vast opportunities in renewable energy, biodiversity, its youthful population, and rapidly evolving financial markets.
He urged African nations to pursue innovation and resilience collectively rather than in isolation.
“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent. By working together deliberately, transparently, and with unwavering commitment, we can build the resilient, sustainable, and inclusive financial systems that Africa needs not only to withstand future shocks but also to thrive in the decades ahead,” he stated.
The engagement highlighted what participants described as a defining imperative for the continent — that Africa’s financial future hinges on a dual commitment to stability and sustainability.
(CBN Media)
