CBN Governor Urges Nigerians to Stay and Rebuild Amid Economic Reforms

Mr. Olayemi Cardoso,  Governor of the Central Bank of Nigeria (CBN) has urged Nigerians to reconsider leaving the country, popularly referred to as “Japa.”

He assured that the CBN is working toward creating an economy where everyone and every business can thrive.

Cardoso made this appeal in his keynote address at the 59th annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

“It is not a good idea to Japa at this stage,” he said, providing two key reasons for his stance. “One, those who may decide they are going to do that, they will sell and get rid of their assets. You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket and wait for the turnaround and sell it away.”

Cardoso emphasized the importance of collective effort in rebuilding Nigeria. “Number two, you want to be part of the solution. You want to be part of the solution, and this is time that we need all hands on them. There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria.”

He pointed out that international investors see potential in the Nigerian market and urged citizens to take advantage of these opportunities. “In taking positions in certain assets, they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”

Acknowledging the hardship brought on by current economic reforms, Cardoso stressed that these measures are designed to address today’s challenges while securing a brighter future. “We are building an economy where every individual, every business, and every community can thrive,” he said.

He further highlighted the importance of collaboration in achieving this vision. “This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve.”