CBN Governor, Cardoso denies blame for Nigeria’s economic challenges, promises efforts for recovery

 

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has vehemently denied any culpability for the nation’s ongoing economic challenges during the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.

This marked the first MPC meeting since Cardoso assumed office in September 2023.

Cardoso, addressing concerns about the economic downturn, asserted that neither he nor his team bear responsibility for the prevailing issues.

Despite Nigeria grappling with surging inflation, food price hikes, a forex crisis, economic hardships, and protests triggered by the removal of the petrol subsidy, Cardoso remains resolute in the CBN’s commitment to restoring fiscal and monetary stability.

In response to questions probing the CBN’s role in the economic challenges faced by Nigerians, Cardoso emphasised the proactive measures being taken by the apex bank.

He acknowledged the identified non-monetary factors driving inflation, including persistent insecurity and infrastructure deficits. The governor underscored the crucial role of coordinated fiscal policies in addressing these underlying issues.

Cardoso’s reassurances come at a time when public discontent over economic conditions has led to protests in various parts of the country. The removal of the petrol subsidy has contributed to the high cost of living, adding to the complex economic landscape.

“I laugh at that question but it’s not a laughing matter,” Cardoso retorted. “And I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”