Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged African countries to pursue economic growth, industrialisation and job creation while confronting climate risks that threaten long-term stability and prosperity.
Cardoso spoke at the Egypt 30by30 Programme organised by the Central Bank of Egypt and the International Finance Corporation, where he stressed the need to align economic progress with environmental responsibility.
He said Africa must expand opportunities for its citizens and lift millions out of poverty while cutting carbon emissions and building systems resilient to climate shocks. The 30by30 initiative, he noted, reflects a shared resolve to build an economically stable and environmentally responsible continent prepared for future risks.
In a statement yesterday, the CBN said Cardoso reaffirmed Nigeria’s commitment, in collaboration with the Central Bank of Egypt and partners within the World Bank Group, to strengthening a risk-conscious financial system. This, he said, includes promoting green finance, deepening financial cooperation across Africa and positioning economies to withstand global disruptions.
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On economic governance, Cardoso said resilience begins with credibility. He noted that disciplined and transparent reforms in Nigeria are strengthening macroeconomic fundamentals and restoring confidence in the financial system, laying the foundation for sustainable growth.
He warned that climate change is no longer solely an environmental issue but a financial one. According to him, climate risk affects sovereign ratings, cost of capital, inflation, food security, insurance markets and fiscal sustainability.
Climate-related shocks such as droughts and floods, he said, strain public finances, raise borrowing costs and disrupt food production, complicating efforts to maintain macroeconomic stability.
Although Africa contributes the least to global emissions, Cardoso observed that it suffers disproportionately from climate impacts. He, however, pointed to the continent’s vast renewable energy resources, rich biodiversity, youthful population and expanding financial markets as strategic advantages.
He called for deeper continental cooperation to convert these strengths into tangible economic gains, urging African nations to innovate collectively and build inclusive, resilient financial systems capable of driving long-term growth.
Cardoso said policymakers must pursue stability and sustainability simultaneously, warning that growth without environmental safeguards creates new vulnerabilities, while climate action without strong economic systems could undermine development.
He stressed that policies should attract investment, support innovation, strengthen financial institutions and address climate risks in a balanced manner to boost investor confidence and improve living standards.
The CBN governor added that sustained cooperation among African governments, financial institutions and development partners would be critical to building stable, resilient economies capable of weathering global uncertainties.
