The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called for stronger economic relations with the Middle East and Nigeria’s diaspora community in the region. Speaking during a meeting with Talal Al-Humond, Assistant Governor for Monetary Affairs at Saudi Arabia’s Central Bank, on the sidelines of the inaugural Conference on Emerging Markets Economies in Riyadh, Cardoso emphasized the importance of learning from Saudi Arabia’s successful infrastructural development and tourism initiatives.
Cardoso also reaffirmed his commitment to collaborating with the Nigerian diaspora in the Middle East to enhance remittance flows and strengthen Nigeria’s financial sector. He highlighted the CBN’s focus on improving macroeconomic fundamentals to create an environment conducive to private sector growth and job creation for Nigerians.
The CBN Governor noted that Nigeria has implemented a tight monetary policy stance, raising interest rates by 850 basis points over the past year and moving away from quasi-fiscal interventions that had previously distorted the economy. These measures are aimed at stabilizing the economy and fostering sustainable growth.
The meeting underscores Nigeria’s efforts to strengthen international economic partnerships and leverage diaspora contributions for national development.
