Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has admitted that the nation is in the midst of a severe financial and economic crisis. Speaking at the 14th Annual Bankers’ Committee Retreat held in Abuja, Cardoso revealed that the current administration inherited significant economic challenges and emphasized the need for collaborative efforts to revive the economy.
“The country is grappling with poverty, rising inflation, infrastructure deficits, insecurity, and unemployment,” Cardoso stated. He urged members of the Bankers’ Committee to reflect on these issues and propose actionable solutions to stimulate economic recovery.
Themed “Contract and Commitment to National Development and Economic Growth,” the three-day retreat convened major stakeholders in the banking sector. The event aimed to address pressing economic concerns and chart a course for sustainable development.
Tope Fasua, Special Adviser to the President on Economic Affairs, also spoke during the event, highlighting the growing problem of excessive charges by Point of Sale (PoS) operators. Fasua called on the CBN and commercial banks to ensure consistent cash availability at ATM points to alleviate the financial burdens on citizens.
The discussions underscored the pivotal role of the Bankers’ Committee in reshaping Nigeria’s economic landscape. Cardoso added, “Without addressing these systemic challenges, the vision for economic diversification and inclusive growth will remain elusive.”
