BY Milcah Tanimu
Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, is determined to combat inflation during his tenure. He expressed his commitment to policies that positively impact people’s lives and ensure price stability. This declaration came as he hosted the Impact Investing Community, led by Muhammadu Sanusi II, the 14th Emir of Kano and former CBN governor. Sanusi also voiced concerns about inflation’s adverse effects on individuals’ wealth and urged the new CBN leadership to work persistently to reduce inflation rates.
Cardoso expressed gratitude to the Impact Investing Community for their visit and recognized their potential to transform Nigeria’s economy by capitalizing on available investment opportunities. He vowed to focus on the core mandate of price stability and collaborate with the community to establish frameworks that promote economic growth through investments.
Khalifa Sanusi acknowledged the significant impact of the central bank’s activities on Nigerians’ lives and pledged his continued support for the CBN’s goals. The Chair of Impact Investing, Mrs. Ibukun Awosika, emphasized the importance of social investment and sought the CBN’s support in achieving their goals.
The deputy governor in charge of Corporate Services, Dr. Bala Bello, emphasized the global shift toward social investment and expressed gratitude for the support of the Impact Investing Community.
In a related development, Dangote Industries Limited announced that it has repatriated over $576 million through various Nigerian banks, in addition to a $111 million cash swap arrangement with Ethiopian Airlines. Dangote reaffirmed its belief in Nigeria and its commitment to the country’s economic growth. The company defended the authenticity of its foreign exchange transactions for pan-African operations and called on relevant agencies to investigate any alleged infractions.
Dangote highlighted that its investments in Africa would lead to further repatriation of forex, bolster foreign exchange earnings in Nigeria, and stabilize the forex market in the near future. The company also cited documented evidence of the judicious utilization of funds for its projects.