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The Central Bank of Nigeria Governor, Mr. Yemi Cardoso, says the administration of President Bola Ahmed Tinubu, can grow the country’s Gross Domestic Product (GDP) to $1 trillion in eight years.
Cardoso said this klon the sidelines of the ongoing 2023 World Bank/IMF Annual Meetings at Marrakesh, Western Morocco on Thursday.
He also said efforts were on to refocus the CBN for the overall economic growth of the country.
He said: “In economies bigger than 1.0 trillion dollars, these indicators include moderate inflation, sizable foreign reserves, and the capacity to quickly rebound from a cyclical economic downturn.
“Given this, a refocused CBN will better serve Nigeria through monetary policy interventions and advisory roles that sustain implementation of the administration’s fiscal proposals.”
He also hinted that the apex bank is going back to its core mandate, stressing “there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.
According to the apex bank boss, CBN is beaming its searchlight on increasing private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies by de-risking instrumentation.
“These verticals have huge demand patterns, with the potential for high local inputs and value retention, and can be the basis for rapid industrialisation.
“With focused leadership and sustained reforms, it is expected that over time, the country will see gains open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots opportunity for a more prosperous future,” PersecondNews quotes Cardoso as saying.
He also shed more light on the backlog of forex demand, examining creative financing options for clearing the short to medium-term backlog and ensuring inflation and price stability.
He added: “The bank has to establish how much of the FX backlog is real and how much is given to speculation or hoarding.
“It has to identify creative financing options for clearing the short to medium term backlog.
“These problems need in-depth review by the new CBN leadership team to determine what mechanisms are currently working, what can be tweaked or dispensed with and what new tools needed to be introduced.”
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