While waiting for Mr Cardoso’s first press briefing( he is in Marrakech for the Africa governor’s forum meeting), he has been able to give us a snippet of the direction of CBN under his watch
“In refocusing the CBN to its core mandate, there is a need to pull it back from direct development finance interventions into more limited advisory roles that support economic growth. The bank should act as catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy.
It should facilitate new regulatory frameworks to unlock dormant capital in land and property holdings, accelerate access to consumer credit and expansion of financial inclusion for the masses”.- Yemi Cardoso.
I have been talking about mobilizing dormant capital and I am glad the government is looking into it. The government plans to mobilize capital ( 20% of Cash reserve ratio which is around N5 trillion) to provide credit facilities to investors to invest in housing and real estate. Nigeria’s dead capital linked to land Usage is worth $900 billion. But we must start by repealing the current land use act
To further reengineer the capital market, the government is working on the following. Removal of capital controls; legislation to enhance the attractiveness of listings, pension reforms, policies to facilitate dollar-denominated market transactions, and the establishment of a private market.
By Ope Oluwa on his X platform