The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on central banks and Development Finance Institutions (DFIs) across Africa to play a more active role in driving the continent’s economic growth, industrialisation and climate resilience.
Cardoso made the call while delivering a keynote address at the Egypt 30by30 Programme organised by the Central Bank of Egypt in collaboration with the International Finance Corporation (IFC).
He said Africa must grow, industrialise, create jobs, expand opportunities and lift millions out of poverty, while simultaneously pursuing decarbonisation and building resilience against climate shocks.
According to him, the collaborative ambition behind the 30by30 initiative reflects a shared continental vision that Africa’s future must be resilient, climate-conscious and economically sustainable.
Cardoso stressed that through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, the CBN remains committed to strengthening a resilient and risk-aware financial system, advancing green finance, enhancing cross-border cooperation and positioning Africa to thrive in an evolving global economy.
He emphasised that resilience begins with credibility, noting that disciplined and transparent reforms in Nigeria are reinforcing macroeconomic fundamentals and boosting confidence in the financial system.
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets and risk-aware innovation,” Cardoso stated.
Highlighting the growing impact of environmental challenges, the CBN governor said climate risk must now be viewed as financial risk, as it affects sovereign credit ratings, cost of capital, inflation dynamics, food security, insurance markets and fiscal sustainability.
He observed that although Africa contributes the least to global climate change, it bears some of the highest costs. However, he noted that the continent also presents vast opportunities in renewable energy, biodiversity, youthful demographics and rapidly developing financial markets.
“To seize these opportunities, we must innovate for resilience not as isolated nations but as a continent. By working together deliberately and transparently, we can build resilient, sustainable and inclusive financial systems that will enable Africa not only to withstand future shocks but to prosper in the decades ahead,” he said.
The engagement reinforced the imperative for Africa’s financial sector to balance stability with sustainability in shaping the continent’s economic future.
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