'I Will Raise GDP To 1 Trillion USD In 8 Years' - New CBN Governor Cardoso Says

Dr. Olayemi Cardoso

The new Governor of the Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, has unveiled plans to boost the country's gross domestic product (GDP) to $1 trillion in eight years.

Cardoso spoke while responding to questions from senators during the selection and confirmation process as apex bank governor.

Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo and Bala Bello.

He assured that the approved council would adopt several strategies including short and medium-term goals to turn around the economy.

 According to him, to achieve stability in Nigeria's exchange rate, measures must be taken to ensure a healthy balance of payments and diversification of the economy. 

"When you look at the dimension of inflation, we will be doing evidence- based monetary policy. We shall not be making decisions based on a whim.

"We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data," he said.

According to him, the immediate thing that needs attention if he is confirmed as CBN governor is to resolve the operational issues that constitute the outstanding obligations of the CBN.

 He said Nigeria would not progress if it could not manage this aspect of the exchange rate, saying he would do everything possible to ensure that the country was financially and financially sound. The fiscal deficit did not become a problem.

He further emphasized the need to have a strategy known to stakeholders, adding that these immediate measures will ease constraints in the country's business environment.

 Cardoso added that eliminating oil subsidies and tightening tax payments, among other measures, are among the measures aimed at stabilizing the  economy.

"There's the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.

"We have to ramp up production of food, that is the aspect the fiscal side will handle and we'll work very closely with the fiscal side on this, and on energy to make sure that happens quickly.

"The way money has gone in Nigeria on its own has an effect on inflation. And we have seen studies that suggest that money supply has impacted on inflation in the country.

"We also have to work very closely with the fiscal side to ensure that we work on deficit financing," the former Commissioner for Lagos State Ministry of Economic Planning and Budget said.

The new CBN team is also committed to ensuring a collaborative working relationship with financial policy regulators to ensure that things do not become tense in the political system.

 According to him, there will be a change in mindset within the CBN to promote compliance, maintaining that the apex bank under his leadership will work with the Senate to consult and comply with the CBN act.

Cardoso further emphasized the need to do things right, stressing that the bank will not be taken over by anyone.

"We will not knowingly or unknowingly disobey the law. We are going to endure a culture of compliance in the bank. We are not going to tolerate people not complying. That tone would be fully set from the top," Cardoso added.

He pledged to bring in the best and most qualified advisors and that the new CBN bank would promote an open culture to achieve the best results.

 Also responding to questions from lawmakers, Philip Ikeazu, deputy director, said the new CBN board “will strengthen corporate governance and ensure implementation of appropriate economic policy to maintain stability.” pricing and promoting healthy foreign exchange markets.”

 He urged the Senate to support the apex bank in promoting exports of domestically produced products and promoting corporate governance.

This is just as he praised the Federal Government for stopping leaks in the economy and ending fuel subsidies.

 The CBN team also stated that the regulator has “deviated significantly over the years” and is determined to get back on track and ensure open and transparent communication with. Nigerians.

They assured the restoration of the dignity of the Central Bank, and expressed hope of doubling economic growth over a period of 10 years, as well as enhancing the capacity of the economy to produce more “Dangotes and Otedolas."

 During the exercise, lawmakers expressed regret about the woes besetting the country's economy, and expressed concern about the regulatory bank's involvement in areas beyond its mandate. of the Central Bank Act.

The President of the Senate, Godswill Akpabio, while addressing the Committee of the Whole, disapproved of CBN's involvement in the construction of classrooms, among other activities.

 He emphasized the need for an apex bank that can focus on providing sound policy and monetary guidance to the economy.

 Akpabio also regretted that the bank, under the previous board, lost focus and entered politics “with money belonging to Nigerians."

"No where in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you," the Senate President added.