CBN Governor Cardoso Reveals Past Development Interventions Caused Over N10 Trillion in Damage

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that previous direct development interventions by the financial regulator have caused over N10 trillion in damage.

This revelation came to light during a press conference following the monetary policy committee (MPC) meeting in Abuja on Tuesday.

Cardoso emphasized the need for the apex bank to return to its core function of monetary policies and advisory roles to support economic growth.

He reiterated the CBN’s resolve to move away from intervention programs but mentioned that the bank is open to partnerships.

According to Cardoso, these interventions have two major dysfunctions: they take a lot of time and can create distortions in the economy through an inflow of money supply.

The interventions that took place in the recent past were estimated to be in excess of N10 trillion, which is a significant amount when compared to the budget of the federal government and the largest states in Nigeria.

The new governor stressed the importance of properly monitoring these interventions to ensure that they come back in and that they reach the intended recipients.

He believes that the efforts and policies put in place by the apex bank are making significant impacts and bringing back confidence.

As the new governor of the Central Bank of Nigeria, Cardoso has made it clear that the era of failed interventions is over and that there is no room for interventions with a high potential to fail.

This is a crucial step in the right direction for Nigeria’s economy, as the focus shifts to more effective and transparent policies that will support sustainable economic growth.