Economic Reforms: Cardoso Urges Nigerians to Stay Amid ‘Japa’ Trend

Amid ongoing economic reforms, Central Bank Governor Yemi Cardoso appeals to Nigerians to remain in the country, emphasizing the need for collective efforts to rebuild the economy.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged Nigerian youths to remain in the country. He assured them that current reforms and policies are designed for everyone’s benefit and aimed at boosting economic development.

During his keynote address at the 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso made a plea.

He urged Nigerian youths to remain in the country, assuring them that the bank was focused on developing an economy conducive for businesses to thrive.

I want to assure you that at the central bank, every decision we make is aimed at serving the best interests of the people.

We will keep enhancing our internal capacity processes to ensure they are firmly grounded in evidence-based analysis.

Leaving at this stage might not be the best decision.

There are two reasons for this. First, those who decide to proceed in that manner will sell and dispose of their assets.

“You’ll be doing it at a low cost. Opportunistic individuals on the lookout for deals will swoop in, grab it, and hold onto it until conditions improve before reselling.”

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Second, it’s important to be part of the solution. Everyone’s involvement is crucial at this time; we need all hands on deck.

There are opportunities in the market today, and based on my experience over the past year and particularly during the last six months, there is significant external interest in what’s happening in Nigeria.

“When identifying opportunities in certain assets, they see the potential, and we, being present here, should contribute to creating a better future.”

Cardoso recognized the significant impact these reforms have on Nigerians, stating that they are aimed at addressing current challenges and ensuring future opportunities to create an economy where everyone can thrive.

He stated that they are creating an economy in which every individual, business, and community can flourish.

Achieving this vision demands collaboration from everyone—banks, regulators, businesses, and citizens alike. It cannot be accomplished by any single institution alone; instead, it requires our collective unwavering commitment to working together.