CBN Governor Urges Banks to Drive Africa’s Industrialisation and Green Finance

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called on banks and development finance institutions across Africa to play a leading role in driving the continent’s industrialisation while strengthening climate resilience and financial stability. Speaking at the Egypt 30by30 Programme, hosted by the Central Bank of Egypt in collaboration with the International Finance Corporation, Cardoso emphasized that Africa faces a unique opportunity to grow its economies sustainably.

Cardoso highlighted the importance of pursuing a dual strategy that combines economic expansion with environmental responsibility. “Africa must grow, industrialise, create jobs, expand economic opportunities, and lift millions out of poverty, while simultaneously decarbonising and building resilience against climate-related shocks,” he said. He described the 30by30 initiative as a reflection of a shared continental ambition to develop economies that are both resilient and climate-aware.

Stressing the link between financial credibility and resilience, Cardoso noted that Nigeria’s disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system. “To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” he added, urging African nations to adopt similar approaches.

The CBN governor also warned about the financial risks of climate change, highlighting its impact on sovereign ratings, inflation, food security, insurance markets, and fiscal sustainability. He reaffirmed the bank’s commitment to advancing green finance frameworks, fostering cross-border cooperation, and creating a financial architecture capable of withstanding global economic shocks while positioning African economies for long-term competitiveness.

Cardoso concluded by pointing to Africa’s untapped potential, from renewable energy and biodiversity to its young population and evolving financial markets. “To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent,” he said. By working together transparently and deliberately, African countries can build inclusive and sustainable financial systems that ensure growth, stability, and resilience for decades to come.

source: punch