The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.
Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank.
Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello.
He assured that the ratified board will adopt a number of strategies including short term and medium terms goals to repair the economy.
According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.
“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim.
“We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.
According to him, the immediate thing to look out for if confirmed as CBN Governor is to address operational issues which are the unsettled obligations of the CBN.
He opined that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate, saying they would do everything possible to ensure that they work closely on the fiscal side and ensure the issue of deficit financing does not become a problem.
He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.
Cardoso added that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.
“There’s the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.