CBN targets $1trn economy

CBN targets $1trn economy

 The Central Bank of Nigeria has disclosed that it is
targeting a $1 trillion economy by 2030 while re-stating its commitment to
ensure economic stability. The governor of the apex bank, Olayemi Cardoso, gave this
disclosure on Friday in Abuja while presenting the 2024 half-year report of
activities of the bank to the Senate Committee on Banking, Insurance, and Other
Financial Institutions. To achieve this, Cardoso reiterated the bank’s commitment to
implementing policies that would foster sustainable growth in the financial
markets while ensuring overall economic stability. He assured that with the implementation of the policies, the
planned stability will make the economy robust and hit $1 trillion by 2030. Part of the strong indicators of the growing economy,
according to Cardoso, is the notable increase in external reserves, largely
attributed to receipts from crude oil-related taxes and third-party payments,
adding that the ongoing recapitalisation of commercial banks would further
drive progress towards hitting a $1 trillion economy. He added that the capital adequacy ratio remained strong at
12.2 per cent, aside from the industry liquidity ratio, which has also
increased to 46.2 per cent, while the non-performing loan ratio fell to 3.8 per
cent, reflecting enhanced liquid assets and better risk asset quality. He further outlined key policy measures the Bank had
implemented to tackle domestic macroeconomic challenges, including raising the
policy rate to 26.25 per cent, increasing cash reserve ratios, normalising open
market operations, and adopting inflation targeting as a new monetary policy
framework. He also highlighted the reforms in the foreign exchange
market, which resulted in a convergence of official and Bureau de Change rates,
promoting transparency and reducing market distortions. 































In his opening remarks, the chairman of the committee,
Senator Adetokunbo Abiru, lauded the CBN governor and his team for their
efforts to stabilise the economy since taking office.

Source: CBN targets $1trn economy

 - NigerianEye
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