Cardoso, others challenge IMF, W/Bank to be more responsive to needs of member countries
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has challenged the World Bank and the International Monetary Fund (IMF) to be more responsive to the varying needs of member countries in various regions of the world.
The CBN boss spoke while participating in the high-level Bretton Woods at 80 Forum, where he represented Africa’s interests on the global financial stage, according to a statement by the apex bank, in Abuja, this afternoon.
The forum organised by the IMF and World Bank Group, brought together a select group of global leaders at the historic Bretton Woods, New Hampshire, United States of America, to mark the 80th anniversary of the original conference that established the post-war global financial system.
Governor Cardoso’s participation highlights Nigeria’s and Africa’s growing influence in international economic dialogue.
The event addressed issues such as investment, inclusive growth, climate resilience, and the evolving role of multilateral financial institutions in a rapidly changing world. It offered a critical platform for reshaping the international financial architecture to meet the needs of emerging markets and developing economies.
Mr. Cardoso joined this distinguished group of renowned global leaders and experts recognized for their influence in international finance, economic policy, sustainability, and global governance.
The exclusive gathering included former executives of major global institutions and key figures shaping the future of markets, climate action, and social development, who came together to tackle the most pressing challenges in the global economy.
The group engaged in deep-dive sessions critically examining real-world successes and challenges for the IMF and World Bank, brainstorming and developing actionable strategies, and focusing on how these institutions can evolve to tackle pressing issues like sustainable development, financial inclusion, and climate resilience to ensure they are equipped to meet the demands of today and the future.
The governor’s selection reflects his leadership in central banking and his experience as the former head of Citibank Nigeria and Commissioner for Economic Planning and Budget in Lagos State.
His expertise and background in policymaking were invaluable in advocating for solutions that address the unique financial challenges faced by African nations in advancing financial inclusion, driving economic reforms, and building resilient financial systems.
As the Bretton Woods institutions face calls for reform in the face of global challenges, Governor Cardoso’s role in the landmark forum ensured that African perspectives were strongly represented.
The governor’s involvement was particularly crucial as developing economies, especially in Africa, seek greater participation and representation in the governance and decision-making processes of global financial institutions.
The Bretton Woods at 80 Forum concluded with key recommendations for the future
role of the IMF and World Bank in addressing global challenges.
