CBN Seek Resilient Financial System to Drive Nigeria’s Economic Transformation

The Central Bank of Nigeria (CBN) has called for a more resilient financial system capable of absorbing economic shocks, sustaining productivity and supporting long-term growth and prosperity.

The CBN Governor, Olayemi Cardoso, represented by the Deputy Governor, Financial System Stability, Philip Chukwuemeka Ikeazor, made the call while delivering a goodwill message at the 19th Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Ikeazor said the resilience of Nigeria’s financial system must be measured not only by its ability to withstand shocks but also by its capacity to remain productive and emerge stronger from disruptions.

He identified global trade and investment shifts, rapid advances in artificial intelligence, climate change, mobile global capital, changing supply chains and increasingly sophisticated cyber threats as factors reshaping the operating environment for financial institutions.

According to him, “The key word for me is resilience. We need to engage where disruption is no longer exceptional; it is the new normal.”

He stressed that a resilient economy could not exist without a resilient financial system, noting that the reforms being implemented by the CBN were ultimately aimed at ensuring that the benefits of financial-sector reforms translated into improved economic opportunities for ordinary Nigerians.

The Deputy Governor said the focus must remain on the effectiveness of policies and reforms in improving the lives of citizens, particularly by strengthening the capacity of businesses and expanding access to finance.

He said financial institutions must increasingly support the real economy, adding that resilience should go beyond merely surviving the next economic shock to creating an environment where businesses can continue to operate, expand and create jobs.