The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called on African central banks and development finance institutions to take a leading role in accelerating industrial growth while reinforcing climate resilience and financial system stability across the continent.
Cardoso made the remarks during the Egypt 30by30 Programme, an initiative hosted by the Central Bank of Egypt in partnership with the International Finance Corporation, according to an official statement released by the CBN.
He emphasized the need for Africa to simultaneously pursue economic expansion and environmental sustainability. According to him, the continent must generate employment, expand productive capacity, and reduce poverty while transitioning toward lower carbon emissions and preparing for climate-related disruptions.
Cardoso described the 30by30 initiative as emblematic of a broader continental aspiration to construct economies that are both resilient and environmentally responsible.
He stated that resilience begins with institutional credibility, noting that Nigeria’s recent reforms aim to strengthen macroeconomic fundamentals and rebuild confidence within the financial system. Transparent policymaking, reliable institutions, and innovation grounded in risk management are essential to sustainable growth, he added.
Addressing the economic implications of climate change, the CBN governor remarked that climate-related risks directly influence sovereign credit ratings, borrowing costs, inflation trends, food security, insurance markets, and fiscal sustainability.
Cardoso reaffirmed the CBN’s commitment to developing a financial architecture that is resilient and risk-aware. He highlighted ongoing efforts to advance green finance initiatives and deepen cross-border collaboration among African economies.
While acknowledging that Africa contributes minimally to global emissions, he noted that the continent disproportionately bears the impact of climate shocks. At the same time, he pointed to Africa’s potential advantages — including renewable energy capacity, biodiversity resources, a youthful population, and expanding financial markets.
He concluded by urging coordinated action among African nations, stating that sustainable industrialisation and inclusive growth require deliberate, transparent, and collaborative strategies to secure long-term competitiveness.
