NIyi Jacobs
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has called on African central banks and development finance institutions (DFIs) to take the lead in driving sustainable growth, industrialisation, and climate resilience across the continent.
Delivering a keynote address at the Egypt 30by30 Programme organised by the Central Bank of Egypt in partnership with the International Finance Corporation (IFC) in Cairo, Cardoso stressed that Africa must expand economic opportunities, create jobs, lift millions out of poverty, and simultaneously decarbonise its economies.
Building a Resilient and Climate-Aware Future
Cardoso said the 30by30 initiative reflects a shared continental ambition to build a future that is resilient, climate-aware, and economically sustainable.
He reaffirmed the CBN’s commitment to strengthening cross-border collaboration, deepening green finance frameworks, and reinforcing risk management systems. According to him, Africa’s financial systems must evolve to withstand global shocks while positioning the continent for long-term prosperity.
“Resilience begins with credibility,” Cardoso stated, noting that disciplined and transparent reforms in Nigeria are helping to stabilise macroeconomic fundamentals and restore confidence in the financial system.
He emphasised that strong institutions, credible policies, transparent markets, and risk-conscious innovation are critical pillars for building durable financial systems.
Climate Risk Is Financial Risk
Highlighting the urgency of climate action, Cardoso warned that climate risk directly affects sovereign credit ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability.
“Africa contributes the least to climate change yet bears some of its highest costs,” he said.
However, he pointed out that the continent also holds immense opportunities — from vast renewable energy potential and rich biodiversity to a youthful population and rapidly evolving financial markets.
A Continental Approach to Innovation
Cardoso urged African nations to move beyond isolated efforts and adopt a coordinated continental strategy to finance resilience and sustainability.
“To seize these opportunities, we must innovate for resilience — not as isolated nations, but as a continent,” he said. “By working together deliberately, transparently, and with unwavering commitment, we can build the resilient, sustainable, and inclusive financial systems Africa needs — not only to withstand future shocks, but to thrive in the decades ahead.”
The engagement reinforced a defining message: Africa’s financial future depends on a dual commitment to macroeconomic stability and environmental sustainability.
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