New Telegraph

Cardoso Reveals Tinubu’s Eight Years GDP Target

Yemi Cardoso, the newly appointed Governor of the Central Bank of Nigeria  (CBN) on Thursday said the economic policy proposals presented by President Bola Tinubu’s administration have the capacity to drive the Gross Domestic Product (GDP) to one trillion dollars within an eight-year time frame.

The CBN Governor made this disclosure during the 2023 World Bank/IMF Annual Meetings currently taking place in Marrakesh, Western Morocco.

According to him, it is part of the ongoing efforts by the central bank to reorient its strategies to focus on enhancing the country’s overall economic growth.

He added that the administration is also committed to identifying fiscal reforms and growth targets that will pave the way for achieving this ambitious goal in the given timeframe.

Cardoso pointed out that a study conducted on emerging markets has shown that Nigeria’s economic path is consistent with the proposed economic reforms, as long as they are implemented effectively and faithfully.

This study involved an analysis of economies such as the BRICS (Brazil, Russia, India, China, and South Africa), as well as MINT (Mexico, Indonesia, Nigeria, and Turkey).

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These countries share similar population sizes and developmental characteristics with Nigeria.

“In economies bigger than 1.0 trillion dollars, these indicators include moderate inflation, sizable foreign reserves, and the capacity to quickly rebound from a cyclical economic downturn.

“Given this, a refocused CBN will better serve Nigeria through monetary policy interventions and advisory roles that sustain implementation of the administration’s fiscal proposals,’’ Cardoso said.

He also said that the lines between monetary policy and fiscal intervention should be clearly delineated, and the CBN needed to be pulled back from its development financing initiatives to more advisory roles.

“Much has been made of past CBN forays into development financing, such that the lines between monetary policy and fiscal intervention have blurred.

“In refocusing the CBN on its core mandate, there is a need to pull it back from direct development finance interventions into more limited advisory roles that support economic growth.

“The bank should act as a catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy.

“It should facilitate new regulatory frameworks to unlock dormant capital in land and property holdings,’’ Cardoso said.

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