In a significant update, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has confirmed that the bank is making substantial progress in stabilizing the foreign exchange market and curbing inflation. Speaking on Tuesday, Cardoso shared these optimistic insights during a visit from a delegation of Harvard Kennedy School scholars at the CBN headquarters in Abuja.
The delegation, which is part of the prestigious Harvard Africa Trek, included 50 students from 19 countries, representing top institutions like Harvard Business School, MIT, and Stanford University. This marks the first-ever visit of a Harvard Africa Trek group to the Central Bank of Nigeria, highlighting the global interest in Nigeria’s economic reforms.
Cardoso, an alumnus of Harvard Kennedy School and the first African elected to its Alumni Board of Directors, addressed the delegation with a forward-looking message. “As we reset the Bank, we are committed to becoming a hub for thought leadership and fostering long-term partnerships,” he said. He stressed the value of the exposure that global institutions like Harvard bring to policy-making, reinforcing Nigeria’s role as a thought leader in economic matters.
Despite recent economic challenges, Cardoso expressed optimism, noting that key economic indicators show positive shifts. He pointed out that the ongoing reforms are starting to show results, including greater stability in the foreign exchange market and a gradual reduction in inflationary pressures.
“In recent months, we’ve seen key signs of improvement,” Cardoso said, adding that the renewed interest from global financial giants like JP Morgan, Citibank, and the International Monetary Fund signals growing investor confidence in Nigeria’s economy. “These are data-driven decisions, not based on sentiment, and their interest in Nigeria reaffirms that we are on the right path.”
The Harvard delegation praised the CBN for its transparency and engagement with emerging global leaders. Adaora Ndukwe, President of the Harvard Kennedy School Alumni Association of Nigeria, and Sheffy Kolade, Lead of the HKS Nigeria Trek, thanked the CBN for offering students valuable insights into the nation’s economic landscape.
The Africa Trek initiative is designed to connect future global leaders with key policymakers in Africa, fostering discussions on governance, economic development, and the crucial role of central banking in national progress.
As Nigeria continues its economic transformation, Cardoso’s leadership at the CBN is being closely watched by both local and international stakeholders eager to see how the country navigates its fiscal challenges and drives sustainable growth.
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