CBN Governor Disclaims Responsibility for Nigeria’s Economic ChallengesD

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Following the Monetary Policy Committee (MPC) meeting held at Abuja, journalists eagerly gathered to pose questions to Mr. Olayemi Michael Cardoso, the Governor of the Central Bank of Nigeria (CBN). Among the inquiries was one pressing on the role of the CBN in addressing Nigeria’s economic challenges.
In a candid response, Governor Cardoso asserted, “I’m Not Responsible For Nigeria’s Woes.” His statement drew immediate attention, sparking a discussion on the division of responsibilities between monetary policy institutions and broader economic governance.
Governor Cardoso clarified that while the CBN plays a pivotal role in implementing monetary policies aimed at stabilizing the economy, it operates within a larger framework of economic governance. He emphasized that the central bank’s mandate primarily revolves around ensuring price stability, managing inflation, and fostering a conducive environment for sustainable economic growth.
Acknowledging the complex interplay of factors influencing Nigeria’s economic trajectory, Governor Cardoso pointed to the need for a holistic approach involving coordinated efforts across various sectors and government agencies. He underscored the importance of fiscal policy measures, structural reforms, and effective governance in addressing systemic challenges and driving inclusive growth.
While the CBN remains committed to its mandate of maintaining monetary stability, Governor Cardoso highlighted the limitations of monetary policy tools in addressing deep-rooted structural issues such as infrastructure deficits, institutional weaknesses, and governance deficiencies.
The governor’s remarks prompted a reflection on the broader landscape of economic governance in Nigeria, with stakeholders recognizing the need for a collaborative and multifaceted approach to tackle the country’s economic woes effectively. Journalists and analysts present at the briefing deliberated on the implications of Governor Cardoso’s statement, emphasizing the importance of accountability, transparency, and good governance in charting a path towards sustainable economic development.
As the press conference concluded, Governor Cardoso reiterated the CBN’s commitment to supporting Nigeria’s economic recovery efforts within its mandate while urging for collective action and collaboration among all stakeholders to address the underlying challenges facing the nation.

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