The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.


Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank.

Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello


He assured that the ratified board will adopt a number of strategies including short term and medium terms goals to repair the economy.

According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.

“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim.


“We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.

According to him, the immediate thing to look out for if confirmed as CBN Governor is to address operational issues which are the unsettled obligations of the CBN.

He opined that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate, saying they would do everything possible to ensure that they work closely on the fiscal side and ensure the issue of deficit financing does not become a problem.


He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.

Cardoso added that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.

“There’s the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.


“We have to ramp up production of food, that is the aspect the fiscal side will handle and we’ll work very closely with the fiscal side on this, and on energy to make sure that happens quickly.

“The way money has gone in Nigeria on its own has an effect on inflation. And we have seen studies that suggest that money supply has impacted on inflation in the country.

“We also have to work very closely with the fiscal side to ensure that we work on deficit financing,” the former Commissioner for Lagos State Ministry of Economic Planning and Budget said.

The new CBN team equally pledged to ensure a collaborative working relationship with the fiscal policy regulators so as to ensure that things don’t get heated up in the polity.

According to him, there will be a change of mindset in the CBN to promote compliance, maintaining that the apex bank under him will work with the Senate for consultations and adherence to the CBN Act.

Cardoso further underscored the need to do things right, insisting that the bank will not be hijacked by anybody.

“We will not knowingly or unknowingly disobey the law. We are going to endure a culture of compliance in the bank. We are not going to tolerate people not complying. That tone would be fully set from the top,” Cardoso added.

He pledged to bring the best, most qualified advisers, and that the new CBN bank will promote a culture of openness to get the best results.

Also responding to questions from lawmakers, Philip Ikeazu, a Deputy Director, said the new CBN board will “strengthen corporate governance and ensure proper drive of economic policy to maintain price stability and promote a healthy forex.”

He called on the upper chamber to support the apex bank to drive export of locally manufactured goods, and promote corporate governance.

This is just as he commended the federal government for blocking leakages in the economy, and for stopping the fuel subsidy regime.

The CBN team also affirmed that the regulatory body has “strayed significantly over the years”, and that it was committed to returning back on track, and ensuring open and transparent communication with Nigerians.

They assured restoring the dignity of the Central Bank, just as they expressed hope to double economic growth over a 10 year period, as well as expanding the capacity of the economy to produce more “Dangotes and Otedolas.”

During the exercise, the lawmakers bemoaned the woes bedeviling the country’s economy, as they expressed fears at the involvement of the regulatory bank in sectors outside the mandate of the Central Bank Act.

The Senate President, Godswill Akpabio, while addressing the Committee of the Whole, frowned at the involvement of the CBN in construction of classrooms, among others.

He emphasized the need for an apex bank that is focused on providing sound policy and monetary directions for the economy.

Akpabio also regretted that the bank under the former board lost its focus and veered into politics “with money that belongs to Nigerians.”

“No where in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you,” the Senate President added.

https://dailypost.ng/2023/09/27/i-will-shoot-gdp-to-1trn-in-8-years-new-cbn-gov-cardoso-vows/

Possible.

It’s a realistic target. Get to work with your team and turn around the economy of this country. But please, no more ways and means financing if you seriously want to curb inflation and arrest the falling exchange rate. The ways and means done by Emefiele should last Nigeria at least 20 years.

Again, work hand in hand with the fiscal authorities led by your friend, Wale Edun and that FIRS guy. Align your policies and stop working at cross purposes. Concentrate on monetary issues and stop CBN intervention in fiscal issues.

Listen more to economists, accountants, academics and less to greedy bankers. I wish you and your team all the best.

Shoot@sight ? Funnily one old street slang that i know for money is CARDOSO...only legends comprehend.




Wittyness.

Another funny human being again...

seunmsg:
It’s a realistic target. Get to work with your team and turn around the economy of this country. But please, no more ways and means financing if you seriously want to curb inflation and arrest the falling exchange rate. The ways and means done by Emefiele should last Nigeria at least 20 years.

Again, work hand in hand with the fiscal authorities led by your friend, Wale Edun and that FIRS guy. Align your policies and stop working at cross purposes. Concentrate on monetary issues and stop CBN intervention in fiscal issues.

Listen more to economists, accountants, academics and less to greedy bankers. I wish you and your team all the best.

Did the "greedy bankers" study Medicine and Surgery? No be same Acc and Econs?

Why contradict yourself in order to sound wise?😂😂 Funny dude.

Congrats Mr. Governor.. please do your best.
Don't be like Emefiele that was doing 'yes sir' upandan for friends and distant relations of then Aso rock cabals.

Let interest of Nigeria inform your decisions and not personal or sectional interests.

Initial gragra

Crimecity:


Did the "greedy bankers" study Medicine and Surgery? No be same Acc and Econs?

Why contradict yourself in order to sound wise?😂😂 Funny dude.

Most of the bank owners and CEOs did not study Accounting and Economics even though that’s not the point. Soludo and Doyin Salami are Economists for example. Their interest in the economy is not the same as that of the CEO of a bank. Emefiele was a former Bank MD and we all saw how he simply danced to the tune of the banks. Peter Obi studied philosophy and graduated with a third class. He served as a bank chairman before joining politics.

You don’t appear like someone that is knowledgeable so I won’t be surprised if you still don’t get it.

Another "WILL" "TO" "AM"

Agbado government

This one think say economy na drug peddling Good luck bro! We dey here dey watch una

Crimecity:


Did the "greedy bankers" study Medicine and Surgery? No be same Acc and Econs?

Why contradict yourself in order to sound wise?😂😂 Funny dude.

Most of the bank CEOs are not economics and accountants, they are mostly business people with interest of the shareholders at mind sir.

sophirebenitez:
The only way to save the naira is for Nigeria to ramp up its crude oil production to at least 4 Million BPD and curb crude oil theft.

Every other thing is temp.

It is NNPCL that can save tithe Naira and boost our GDP. CBN monetary policy is toast without oil dollars.

Oil and Gas is not our only realistic source of FX. She have other sectors that first need taking over from the illegals and making those money state money. Especially the mining sector. It’s an active sector but the majority of the income go straight to private pockets and Chinese.

seunmsg:


Most of the bank owners and CEOs did not study Accounting and Economics even though that’s not the point. Soludo is an Economist for example. His interest in the economy is not the same as that of the CEO of a bank. Emefiele was a former Bank MD and we all saw how he simply danced to the tune of the banks.

You don’t appear like someone that is knowledgeable so I won’t be surprised if you don’t get it.

That posted you replied is obviously not knowledgeable. Thanks for educating them.

Honestly, I will be looking toward to seeing Nigeria's GDP hit $1 trillion. A country of over 220 million has no business hovering around $400 billion. We should be doing $1.5 billion or more. Singapore of 7 million people are already doing over $300 billion. Just imagine!

However, I can only take you seriously if the figures don't come from you. Allow World Bank and other financial institutions rebase Nigeria's economy after 8 years. Alternatively, do it with them. I don't trust anything that comes from APC because they thrive on lies, deceits and propaganda.

Talk is cheap. You never attain $500 billion. You are looking at a trillion. Even when industrial output is falling

Anoda ANGULU NGE-LIE-LIE. . .has started to make noise!

Extremely stupid comment, that he's got no way of achieving. Look everybody please get it into your heads, Nigeria's economy will only grow, when the basics are in place. Sufficient Power for industries, efficient and extensive transport infrastructure, and internal security. If all of these 3 things are not in place, then Nigeria CAN NOT grow it's GDP. No CBN governor can change that

Hope this one is not packaging shege banza for Nigerians? Once they start making bogus promises before they even attempt anything in their office, they are packaging something dangerous.

Cane Corso again with the Lamba

seunmsg:
It’s a realistic target. Get to work with your team and turn around the economy of this country. But please, no more ways and means financing if you seriously want to curb inflation and arrest the falling exchange rate. The ways and means done by Emefiele should last Nigeria at least 20 years.

Again, work hand in hand with the fiscal authorities led by your friend, Wale Edun and that FIRS guy. Align your policies and stop working at cross purposes. Concentrate on monetary issues and stop CBN intervention in fiscal issues.

Listen more to economists, accountants, academics and less to greedy bankers. I wish you and your team all the best.

😉 An advise from a senior Kadoso to a junior Kadoso. Àbí?😉

seunmsg:
It’s a realistic target. Get to work with your team and turn around the economy of this country. But please, no more ways and means financing if you seriously want to curb inflation and arrest the falling exchange rate. The ways and means done by Emefiele should last Nigeria at least 20 years.

Again, work hand in hand with the fiscal authorities led by your friend, Wale Edun and that FIRS guy. Align your policies and stop working at cross purposes. Concentrate on monetary issues and stop CBN intervention in fiscal issues.

Listen more to economists, accountants, academics and less to greedy bankers. I wish you and your team all the best.

Kudos to you for this sound advice brother mi. That's the way to go!!!!!!![color=#006600][/color]

Who dash am 8 years.

Thieves everywhere deceiving fools.

Is it the duty of the CBN governor to improve GDP or the minister of the Economy?

dragunov:


😉 An advise from a senior Kadoso to a junior Kadoso. Àbí?😉

It’s the other way round. I can’t be a senior to a 66- year-old CBN governor.

seunmsg:


It’s the other way round. I can’t be a senior to a 66- year-old CBN governor.

Oh, my bad. A gold nugget from a junior Kadoso to a senior Kadoso.

Inflation & FOREX are the issues requiring urgent attention and we need concrete solutions to them.