CBN Governor says Tinubu’s economic reforms target N1 trillion GDP in 8 years

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says that the economic policy proposals of President Bola Tinubu’s administration can achieve a Gross Domestic Product (GDP) of $1 trillion in 8 years.

The declaration was made on Thursday, October 12, 2023, by Cardoso in Marrakesh, Western Morocco on the side-line of the on-going 2023 World Bank/IMF Annual Meetings.

Cardoso said efforts were on-going to refocus the CBN for overall economic growth, adding that government would identify fiscal reforms and growth targets that would achieve the feat within eight years.

He said that in a study of emerging markets, macro-economic indices pointed to Nigeria’s economic trajectory, given the faithful implementation of the proposed economic reforms.

He explained that the study followed a review of economies like Brazil, Russia, India, China and South Africa, BRICS, and Mexico, Indonesia, Nigeria, and Turkey, MINT, countries, with similar populations and developmental characteristics as Nigeria.

The CBN boss said that the apex bank will stop its development financing initiatives and focus more on advisory roles.

He said also that the lines between monetary policy and fiscal intervention should be clearly delineated, and the CBN needed to be pulled back from its development financing initiatives to more advisory roles.

He listed other roles of the CBN to include accelerating access to consumer credit and expansion of financial inclusion for the masses.