Cardoso: Good Financial Rules Will Help Africa Grow and Handle Climate Change
By Patience Ikpeme
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that for Africa to truly succeed, the continent must grow its industries, create plenty of jobs, and lift millions of people out of poverty.
He noted that while doing this, African nations must also protect the environment and prepare for the challenges of climate change.
Mr. Cardoso shared these thoughts during a special program called Egypt 30by30, which was put together by the Central Bank of Egypt and the International Finance Corporation (IFC). He explained that this initiative shows a big, shared dream for Africa to have a future that is strong, aware of the environment, and able to keep growing for a long time.
The Governor said the CBN is working closely with the Central Bank of Egypt and the World Bank Group to build a financial system that knows how to handle risks. He mentioned that they are focusing on “green finance”—which means money for projects that help the environment—and helping African countries work better together. This, he said, will help Africa not just survive hard times, but actually do well in the global economy.
Mr. Cardoso made it clear that a country can only be strong if people believe in its financial system. He said, “In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth”. He added that to build these strong systems, economies must be based on honest institutions, clear rules, and smart new ideas.
The CBN boss also pointed out that “Climate risk is financial risk”. He explained that when the weather changes and causes problems, it affects how much things cost, food security, and even the ability of a government to manage its money. He noted that even though Africa does the least to cause climate change, the continent suffers the most from its effects.
However, the Governor said there is a bright side. He noted that Africa has the best opportunities in the world for clean energy, natural resources, and a young population that is ready to work. To grab these chances, he said African countries must stop working alone and start working together as one 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,” Mr. Cardoso said.
