The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that Africa must grow, industrialise, create jobs, expand opportunities, and lift millions out of poverty, while also decarbonising and building climate resilience.
Cardoso, who recently made this remark in his keynote speech at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation (IFC), noted that the collaborative ambition behind the 30by30 initiative embodied a shared continental vision that Africa’s future must be resilient, climate-aware, and economically sustainable.
According to him, through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, the CBN remains dedicated to building a resilient, risk-aware financial framework, advancing green finance, strengthening cross-border cooperation, and positioning Africa not just to withstand shocks, but to thrive in a changing global economy.
Cardoso also emphasised that resilience must beging with credibility, adding that “in Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth.
- Advertisement -
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” he added.
This is even as he pointed out that “climate risk is financial risk. It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability.”
Cardoso argued that Africa contributed the least to climate change yet bore some of its highest costs, noting, however, that Africa also offers some of the world’s greatest opportunities in renewable energy capacity, biodiversity, a young population, and rapidly evolving financial markets.
The renowned banker expatiated: “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.”
The Egypt 30by30 Programme underscored a defining imperative for the continent as Africa’s financial future depends on a dual commitment to stability and sustainability.
