By Firdaus Jibril
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on African countries to strengthen regional trade, mobilize domestic capital, and invest in artificial intelligence (AI) to build more resilient economies amid changes in the global economic order.
Speaking at the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Cardoso said Africa must turn global economic challenges into opportunities for growth by strengthening its institutions and expanding intra-African trade.
He noted that the African Continental Free Trade Area (AfCFTA) offers the continent an opportunity to increase trade among African countries, but stressed that governments must improve transport infrastructure, harmonize customs procedures, and make cross-border payments faster and cheaper.
According to him, Africa should also reduce its dependence on foreign investment by mobilizing domestic resources including pension funds, insurance assets, local savings, and diaspora capital to finance productive investments.
Cardoso emphasized that investors increasingly favor countries with credible policies, transparency, and strong institutions, adding that economic credibility has become a key national asset.
He also identified artificial intelligence as one of the major forces reshaping the global economy, urging African governments to invest in reliable electricity, affordable internet services, digital infrastructure, and skills development to prepare young people for an AI-driven future.
The CBN governor stated that Africa must move beyond consuming technology and begin developing home-grown innovations capable of solving the continent’s challenges and competing globally.
Reflecting on Nigeria’s recent economic reforms, Cardoso said the Central Bank had taken difficult but necessary decisions over the past three years to restore macroeconomic stability and rebuild confidence in the economy.
He listed the unification of the foreign exchange market, reforms to improve transparency in foreign exchange transactions, tighter monetary policy, and an end to the monetary financing of fiscal deficits as key measures that have strengthened the economy.
According to him, these reforms have helped moderate inflation from previous highs, strengthened external buffers, and improved the overall resilience of Nigeria’s financial system.
Cardoso concluded that Africa’s long-term prosperity will depend on maintaining macroeconomic stability, building a fully integrated continental market, attracting productive investment, and preparing its youthful population for emerging technologies.
He urged African leaders to seize the opportunities created by shifts in the global economy through strategic collaboration, credible institutions, and coordinated action.