Cardoso Rallies African Central Banks on Growth, Climate Action
Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has called on African central banks and development finance institutions to drive the continent’s growth through industrialisation, job creation and climate-conscious reforms.
Speaking at the Egypt 30by30 Programme organised by the Central Bank of Egypt in collaboration with the International Finance Corporation, Cardoso said Africa must expand opportunities, lift millions out of poverty and decarbonise its economies while strengthening climate resilience.
He noted that the collaborative ambition behind the 30by30 initiative reflects a shared continental vision anchored on resilience, climate awareness and long-term economic sustainability.
Cardoso stressed that through deeper collaboration with the Central Bank of Egypt and partners across the World Bank Group, the CBN remains committed to building a resilient and risk-aware financial framework. He said this includes advancing green finance, strengthening cross-border cooperation and positioning Africa not merely to withstand global shocks but to thrive in an evolving global economy.
According to him, resilience must begin with credibility. He maintained that disciplined and transparent reforms in Nigeria are reinforcing macroeconomic fundamentals and boosting confidence in the financial system, thereby laying the foundation for sustainable growth.
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets and risk-aware innovation,” he said.
The CBN Governor also warned that climate risk has become a financial risk with far-reaching implications for sovereign ratings, cost of capital, inflation, food security, insurance markets and fiscal sustainability.
While acknowledging that Africa contributes the least to global emissions yet suffers disproportionately from climate change, Cardoso said the continent holds vast opportunities in renewable energy, biodiversity, its youthful population and rapidly evolving financial markets.
He urged African nations to innovate collectively rather than in isolation, stressing that deliberate, transparent and committed cooperation will be key to building inclusive and sustainable financial systems capable of supporting long-term prosperity.
The engagement underscored a defining imperative for the continent: Africa’s financial future hinges on balancing macroeconomic stability with environmental sustainability.
