CBN Recommits To Creating Enabling Environment For Economic Devt

Governor of the Central Bank of Nigeria, Olayemi Cardoso has restated the commitment of the apex bank to focus on its core mandate of delivering price stability to provide an enabling environment for economic development.

To achieve that, the CBN governor said the bank is committed to harnessing the power of digital technologies to enhance financial inclusion, boost productivity, and create an enabling environment for innovation and entrepreneurship to thrive for job and wealth creation. “The Bank has also deployed robust digital technologies in driving most of its processes towards achieving optimal performance,” Cardoso said yesterday when he hosted the participants of the Senior Executive Course (SEC) 46, 2024, from the National Institute for Policy and Strategic Studies (NIPSS), Kuru who were on a study visit to the CBN headquarters yesterday.

Nigeria’s digital landscape is evolving, presenting immense opportunities and complex challenges.
The study tour themed “Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges, and Opportunities,” was organised to provide insights into the Bank’s initiatives and strategies aimed at fostering a robust digital ecosystem.

Cardoso who was represented by his deputy governor, corporate services, Dr Bello Mohammed said the study of this nature is imperative in unveiling the huge potential of digitalization towards contributing to sustainable job creation and youth empowerment in Nigeria. He highlighted the intricate linkages between digital economy, youth empowerment, and sustainable job creation.

“This study tour presents a unique opportunity for us to engage in fruitful discourse and explore collaborative strategies to address the multifaceted benefits and challenges of digital economy, youth empowerment, and sustainable job creation in Nigeria,” he stated, adding: “We welcome your critical insights, thought-provoking questions, and valuable recommendations.

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These will undoubtedly enrich our policy formulation processes.”
In reaction, the director-general of NIPSS Ayo Omotayo said the central bank can grow the nation’s economy by 12 percent. He however said the ability of the CBN is dependent on the policy selection priorities of the apex bank.

Professor Omotayo digital economy can be used to empower the Nigerian youths, adding that the nation has made progress in the use of digital instruments for the economy. “The more we empower the people, the more we provide access to inclusive growth for more Nigerians.

He said the institute is looking forward to information to build a better society that is digitally inclined, benefiting from the many gains a digital economy offers.