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Business News of Sunday, 5 November 2023


Cardoso vows to change public perception of CBN

CBN Governor, Olayemi Cardoso CBN Governor, Olayemi Cardoso

The new Executive Management Team at the Central Bank of Nigeria (CBN) has resolved to change the way people see the apex bank.

The CBN governor, Olayemi Cardoso said he and the deputy governors are determined to alter the public perception surrounding the Bank.

Specifically, Cardoso and his team pledged to make the CBN more effective in managing inflation and improving the economic well-being of Nigerians.

Cardoso made this known in Abuja last week while playing host to the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who is also a former Governor of the Central Bank of Nigeria.

The CBN reiterated that under his leadership, the Bank will focus mainly on the core mandate of price stability.

According to him, “at the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

Also speaking at the meeting, the Chair of Impact Investing, Mrs. Ibukun Awosika, said: “Over $200 trillion was available around the globe as investment funds, with $1 trillion of it with impact investing.

“Impact investing refers to the practice of investing money in companies, organizations, and funds with the intention of generating positive social and environmental impacts alongside financial returns. The main purpose of impact investing is to create positive change and address social or environmental challenges, while still expecting a financial return on the investment.

“Impact investors prioritize businesses and projects that aim to solve important issues such as poverty, climate change, healthcare access, education, sustainable agriculture, and more. They analyze the potential impact of their investments and actively seek out opportunities where they can make a positive difference.

“It combines the goals of both philanthropy and investment, emphasizing the need for sustainable and socially responsible business practices.

She further stated that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.

Earlier, Khalifa Sanusi noted that the CBN’s activities have significantly impacted the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

Sanusi expressed concerns about the inflation rate and urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Khalifa Sanusi, therefore, pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

The Deputy Governor in charge of Corporate Services, Dr. Bala Bello who also spoke at the meeting underscored the importance of investment, noting that global capital was moving towards social investment.

He noted that collaboration and effective communication were vital to successfully navigating the current challenges in the country.