- Calls for Reform Of IMF, World Bank
By kawaekwune Jeffrey
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Sunday, vowed not to lend himself to he hijacked by Nigerian politicians. The apex Bank Governor also called on the International Monetary Fund (IMF) and the World Bank to enhance their responsiveness to the specific needs of member countries across various regions of the world.
Speaking at the Bretton Woods 80 Forum in New Hampshire, USA, the CBN governor, urged the global financial institutions to consider the unique challenges of developing economies.
Cardoso advised that the institutions should evolve strategically to meet the increasing demands for sustainable development and financial inclusion.
He said: “We must rethink how these institutions can better serve the needs of emerging markets and developing countries, especially in Africa.”
In a critical assessment of the role of multilateral institutions, Cardoso called reforms of the both the IMF and the World Bank to make them more effective in tackling global challenges.
He added: “There is a need for these institutions to modernize their approaches…We are living in a rapidly changing world, and the IMF and the World Bank must adapt to ensure that all nations, especially those in Africa, are adequately supported.”
Cardoso also used the opportunity to assure Nigerians of his commitment to maintaining the independence of the Central Bank. He stated: “I will not be hijacked by politicians, and I remain focused on advancing Nigeria’s financial system.”
The New Diplomat reports that the 80 forum, organized by the IMF and the World Bank, brought together leading experts from around the world to address pressing global economic issues, including climate resilience, investment, and inclusive growth.
