The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has advocated for stronger economic ties with the Middle East, emphasising opportunities for collaboration in infrastructure, tourism, and financial sector development.
Cardoso made the call on Monday at the inaugural Conference on Emerging Markets Economies in Saudi Arabia where he met with the Assistant Governor for Monetary Affairs at the Saudi Central Bank (SAMA), Talal Al-Humond to discuss areas of mutual economic interest.
In a statement by the Apex bank, “The CBN Governor noted that Saudi Arabia’s investments in large-scale infrastructure projects, economic diversification, and tourism provide valuable insights that Nigeria can leverage to drive its own development agenda.,” it read.
During a panel discussion moderated by IMF’s Jihad Azour, Cardoso outlines significant reforms in Nigeria’s financial markets. “We’ve narrowed the foreign exchange gap from 60% to just 4-5%,” he reveals, crediting consistent policy direction and improved market transparency. He notes that Nigeria’s foreign reserves have surpassed $40 billion, the highest in nearly three years.
Addressing past economic challenges, Cardoso emphasises the importance of a tight monetary policy and the removal of fuel subsidies, which previously cost the nation 6% of its GDP annually. “Political will was crucial for these reforms,” he explains.
