CBN Governor Hosts British International Investment, Pledges Continued Financial Reforms
CBN and BII Discuss Strategic Investments to Support Nigeria’s Financial Reform Agenda
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated the apex bank’s unwavering commitment to comprehensive financial sector reforms aimed at fostering economic stability and investor confidence. This assurance was given during a high level consultative meeting with a delegation from British International Investment (BII), the UK’s development finance institution, at the CBN headquarters in Abuja on Thursday.
Strengthening Financial Infrastructure and Stability
Governor Cardoso emphasised that the ongoing reforms within the Nigerian financial system are designed to create a more resilient, transparent, and efficient environment. He noted that the CBN is prioritising price stability, the sanitisation of the foreign exchange market, and the strengthening of regulatory frameworks to ensure long-term economic growth.
According to the Governor, the collaboration with international partners like the BII is crucial for bridging the funding gap in critical sectors of the economy. He highlighted that the bank’s focus remains on professionalising the financial services industry and ensuring that it supports the broader objectives of the Federal Government's trillion-dollar economic vision.
BII’s Strategic Role in Nigeria’s Growth
The BII delegation, led by its Chief Executive Officer, Nick O’Donohoe, acknowledged the strategic importance of Nigeria as a primary investment destination in Africa. The meeting focused on identifying new areas of cooperation, particularly in supporting small and medium enterprises (SMEs), green energy financing, and digital financial inclusion.
Key highlights of the discussion included:
Investment Expansion: BII’s continued interest in increasing its portfolio in Nigeria, which currently stands as one of its largest in Africa.
Support for Reforms: The delegation expressed confidence in the CBN’s current policy direction, noting that clarity in monetary policy is a significant catalyst for attracting foreign direct investment (FDI).
Sustainable Finance: Exploration of frameworks to enhance climate-resilient investments and infrastructure development.
Institutional Transparency and Investor Confidence
The engagement underscores a broader strategy by the CBN to engage with global development finance institutions to validate and support domestic reforms. By fostering these international ties, the CBN aims to mitigate perceived risks and improve Nigeria’s creditworthiness on the global stage.
Cardoso maintained that the central bank’s "back-to-basics" approach returning to core mandate functions is non-negotiable. He asserted that institutional transparency is the only viable path to curbing inflation and maintaining a stable exchange rate, which are essential prerequisites for the long-term capital deployments that institutions like BII provide.
The meeting between the CBN and British International Investment serves as a strong signal to the global financial community that Nigeria remains committed to orthodox monetary policy and structural adjustments. As the CBN continues to implement its reform agenda, the support of development partners will be vital in ensuring these policies translate into tangible economic outcomes, including job creation and poverty reduction. The partnership is expected to yield increased capital inflows into high impact sectors in the coming fiscal quarters.
