Cardoso rallies African Central Banks, DFIs on Africa’s growth

Olayemi Cardoso, governor of the has called on African Central Banks and development finance institutions to take a more coordinated approach to driving growth, industrialisation and climate resilience across the continent, warning that Africa’s financial future hinges on aligning stability with sustainability.

Speaking at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation, Cardoso said Africa must accelerate growth, create jobs, expand economic opportunities and lift millions out of poverty, while simultaneously decarbonising and strengthening its resilience to climate shocks.

He described the collaborative ambition behind the 30by30 initiative as emblematic of a shared continental vision that prioritises resilience, climate awareness and long-term economic sustainability.

Through closer collaboration with the Central Bank of Egypt and partners across the World Bank Group, Cardoso said the CBN is committed to building a resilient and risk-aware financial architecture, advancing green finance, strengthening cross-border cooperation and positioning African economies not merely to withstand shocks, but to thrive amid global uncertainty.

“Resilience begins with credibility,” Cardoso said, noting that disciplined and transparent reforms in Nigeria are reinforcing macroeconomic fundamentals and restoring confidence in the financial system.

“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets and risk-aware innovation,” he said.

He stressed that climate considerations can no longer sit at the margins of financial policy. “Climate risk is financial risk. It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets and fiscal sustainability,” he said.

Cardoso argued that while Africa contributes the least to global emissions, it bears some of the heaviest climate-related costs. At the same time, he pointed to the continent’s vast renewable energy potential, biodiversity assets, youthful population and rapidly evolving financial markets as structural advantages that can underpin sustainable growth.

“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent,” he said. “By working together deliberately, transparently and with unwavering commitment, we can build the resilient, sustainable and inclusive financial systems that Africa needs not only to withstand future shocks but also to thrive in the decades ahead.”

The engagement underscored what Cardoso described as a defining imperative for the continent: Africa’s growth trajectory will depend on a dual commitment to macroeconomic stability and climate-smart financial development.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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