The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged African financial regulators to strengthen collaboration in managing cross-border risks, emphasizing that regional financial integration is outpacing political coordination.
Speaking at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja, Cardoso stressed that cooperation among regulators is essential to safeguard stability and ensure shared prosperity as African banks and financial systems become increasingly interconnected.
He advocated for shared prudential principles tailored to Africa’s realities, allowing regulators to respond jointly to emerging vulnerabilities while promoting inclusive growth. Highlighting Nigeria’s proactive reforms, Cardoso noted that the 2024 Banking Sector Recapitalisation Programme strengthened the resilience of Nigerian banks, attracting ₦4.61 trillion in new capital—nearly 27% from foreign investors—and expanding Nigerian banks’ footprint across the continent.
Cardoso also reaffirmed the CBN’s commitment to robust corporate governance, ending years of regulatory leniency, restricting banking services to chronic defaulters, and enforcing strict compliance to protect depositors and maintain financial stability.
