Cardoso insists on orthodox monetary policy, says investors’ interest in Nigeria is huge
Central Bank Governor Yemi Cardoso has said that he will continue to pursue orthodox monetary policy to steer the economy out of the woods.
The Governor spoke in Washington at an investors’ forum on the sidelines of the ongoing World Bank/IMF Spring Meetings, where he assured the global investment community that the Federal Government, led by President Bola Tinubu, has restored monetary and fiscal discipline in economic management.
He asserted that the apex bank’s return to orthodoxy in managing its core mandate has yielded significant results, citing gains in macroeconomic stability, investor confidence, and a tremendous improvement in Nigeria’s global credit ratings.
He said: “The numbers speak for themselves. The difficult reforms we have undertaken are beginning to yield results. One of the most important decisions we made was to pursue orthodox monetary policy—an approach we are firmly committed to and have no intention of compromising on.”
Speaking on the increasing local and global confidence in the economy, the CBN Governor said this has resulted in tremendous interest in investing in Nigeria by international investors. Cardoso noted that over the last two years of the Tinubu-led administration, foreign direct investment and foreign portfolio investment have grown significantly.
