Cardoso Urges African Institutions To Embrace Resilience For Sustainable Growth

Cardoso Urges African Institutions To Embrace Resilience For Sustainable Growth

Institutions across Africa have been urged to embed resilience into their core strategies as a way to withstand global economic shocks and foster sustainable development.

The call came from the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, who emphasized the need for African institutions to adapt to rising economic fragmentation, trade protectionism, and shifting geopolitical dynamics.

Cardoso said: “Resilience is not accidental, it is engineered through deliberate choices, strategic foresight, and strong foundations”.

According to the CBN boss, institutions that endure were those that anticipate disruption and prepare for it ahead of time.

“Resilient institutions are always forward-looking. They build buffers, diversify risk, and remain disciplined, even when others are distracted by short-term gains”.

Cardoso commended the African Export-Import Bank, Afreximbank, for its performance over the last three decades, describing it as a bulwark against volatility, a catalyst for intra-African trade and a champion of integration into global value chains.

On the home front, he noted that the CBN has made restoring public and market trust a key pillar of its ongoing reform agenda.

“We recognise that institutional credibility is the anchor of effective monetary and financial policy”.

He also highlighted reforms in Nigeria’s foreign exchange market, including the unification of exchange rates and a shift towards market-driven policies, as crucial steps aimed at enhancing transparency and boosting investor confidence.

Umbwanko Baba, Edited By Grace Namiji