Cardoso calls on African Central Banks to back Climate-Resilient growth

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Barbara Bako, Abuja.

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on African central banks and development finance institutions to intensify collaboration to drive growth, industrialization and climate-resilience across the continent.

Speaking in Cairo at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation, Cardoso said Africa must expand economic opportunities, create jobs and lift millions out of poverty while also pursuing decarbonisation and climate adaptation.

He said the 30by30 initiative reflects a shared continental goal of building a future that is resilient, climate-conscious and economically sustainable.

Cardoso noted that through cooperation with the Egyptian apex bank and other partners within the World Bank Group, the CBN is working to strengthen a financial system that is resilient and risk-aware, promote green finance and deepen cross-border collaboration to help African economies navigate global shocks.

He stressed that credibility is the foundation of resilience, stating that,
“In Nigeria, disciplined and transparent reforms are strengthening macroeconomic fundamentals and boosting confidence in the financial system, laying the groundwork for sustainable growth.”

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

Highlighting the financial implications of environmental challenges, Cardoso said, “Climate risk is financial risk. It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability.”

According to him, although Africa contributes the least to global climate change, it faces some of the most severe consequences.

He pointed out, however, that the continent holds vast potential in renewable energy, biodiversity, a youthful population and fast-developing financial markets.

“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent. 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,” Governor Cardoso noted.

The discussions at the forum reinforced the view that Africa’s long term financial outlook will depend on balancing macroeconomic stability with sustainability goals.