The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced plans to establish a Compliance Department by February 2025 to strengthen transparency and resilience in Nigeria’s financial sector.
Cardoso made this disclosure on Thursday during the launch of the Nigerian Economic Summit Group’s (NESG) 2025 Macroeconomic Outlook Report titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond”.
Speaking virtually at the hybrid event held in Lagos, he highlighted the department’s role in addressing past challenges and aligning with global standards.
“The CBN is committed to upholding the highest standards of integrity, transparency, and accountability. This new Compliance Department will address past challenges and build a transparent and resilient financial sector that can drive Nigeria’s economic growth and development,” Cardoso said, adding that the department will be operational by the end of February.
He reaffirmed the CBN’s 2025 GDP growth projection of 4.17%, anchored on government reforms, stable oil prices, improved domestic oil production, and diaspora inflows. Cardoso emphasized that inflation, not high interest rates, is the primary threat to businesses.
“The real killer of businesses is inflation, not interest rates. Although high interest rates are a challenge, inflation impacts everyone, making it critical to keep it in check,” he explained.
Cardoso also outlined several key measures the CBN is undertaking to stabilize the economy, including:
Strengthening financial institutions to support the real sector, establishing the National Credit Guarantee Company to de-risk lending in critical sectors, and prioritizing exchange rate stability to enhance business operations.
He praised ongoing reforms for attracting investors and stressed the need for collaboration between monetary and fiscal authorities, alongside private sector participation, to sustain growth.
Cardoso acknowledged the challenges of inherited economic issues but reiterated the importance of effective communication and dialogue to navigate the nation’s economic hurdles.
“The CBN is taking tough but necessary decisions to set Nigeria on a growth path. While these choices are painful, they are crucial for long-term stability and development,” he said.
As reforms take effect, Cardoso expressed optimism that inflation would decline in 2025, paving the way for sustained economic growth.
