CBN Governor Unveils New Compliance Department, Projects 4.17% GDP Growth

By: Bayero Ade

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the establishment of a new compliance department aimed at addressing previous challenges and aligning with global standards.

During the virtual launch of the 2025 Macroeconomic Outlook Report, titled ‘Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond’, Cardoso revealed the bank’s commitment to enhancing the country’s financial system. The hybrid event, hosted in Lagos on Thursday, was organised by the Nigerian Economic Summit Group (NESG).

Cardoso explained that the new department would focus on strengthening the resilience and transparency of Nigeria’s financial sector, thereby fostering economic growth. He highlighted that ensuring exchange rate stability would be a primary focus, with the aim of supporting business expansion and facilitating the implementation of fiscal policies in critical sectors.

Addressing inflation as a significant barrier to business continuity, the Governor assured that the CBN would continue empowering financial institutions to better assist the real sector. He underscored the importance of the National Credit Guarantee Company, which seeks to de-risk lending in vital industries.

The Governor also reaffirmed the CBN’s GDP growth projection of 4.17% for 2025, offering a positive economic outlook. He stressed the necessity of collaboration between monetary and fiscal authorities, as well as the private sector, to foster sustainable growth.

Cardoso attributed the projected growth to ongoing government reforms, stable crude oil prices, improved domestic oil production, and remittances from Nigerians abroad. He expressed optimism that the country’s current economic reforms were already producing positive results.

Acknowledging increased investor interest, the Governor reassured that the CBN would remain steadfast in its efforts to combat inflation. He agreed with the NESG on the importance of dialogue to address economic concerns, noting that clearer communication could have alleviated many of the country’s inherited challenges.

Cardoso concluded by emphasising that while the CBN was making difficult but necessary decisions to rectify past mistakes, inflation was expected to decrease as the ongoing reforms took effect in 2025.