The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has held a strategic meeting with the Secretary-General of the Islamic Financial Services Board (IFSB), Dr. Ghiath Shabsigh, on the sidelines of the Spring Meetings of the and the in Washington, D.C.
The engagement, which took place during the high-level global economic gathering, focused on strengthening collaboration in the development and regulation of Islamic finance, a sector increasingly viewed as a viable tool for financial inclusion and infrastructure financing in emerging economies.
Although details of the discussions were not officially disclosed, the meeting signals Nigeria’s continued interest in expanding its non-interest financial ecosystem in line with global best practices.
The Islamic Financial Services Board, headquartered in Kuala Lumpur, is an international standard-setting body that promotes the soundness and stability of Islamic financial services through the issuance of prudential standards and guiding principles.
Nigeria has, in recent years, made steady progress in developing Islamic finance instruments, including Sukuk bonds, to fund critical infrastructure projects. Analysts say deeper engagement with institutions such as the IFSB could help strengthen regulatory frameworks, enhance market confidence, and attract investment into the sector.
The meeting also underscores the broader agenda of the IMF and World Bank Spring Meetings, where policymakers and financial leaders are exploring innovative financing mechanisms to support economic resilience and sustainable development, particularly in developing countries.
Cardoso’s participation in the meetings forms part of Nigeria’s ongoing efforts to engage with global financial institutions and partners to advance reforms, improve financial stability, and diversify sources of funding for development.
