The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged central banks and development finance institutions across Africa to take the lead in accelerating industrialisation while strengthening climate resilience and financial stability.
Speaking at the Egypt 30by30 Programme, hosted by the Central Bank of Egypt in collaboration with the International Finance Corporation (IFC), Cardoso emphasised that Africa must adopt a dual strategy of economic expansion and environmental sustainability.
“The continent must grow, industrialise, create jobs, expand economic opportunities, and lift millions out of poverty, while simultaneously decarbonising and building resilience against climate-related shocks,” he said.
Cardoso described the 30by30 initiative as a reflection of a shared continental ambition to build economies that are resilient, climate-aware, and economically sustainable.
He stressed that resilience begins with credibility, noting that “disciplined and transparent reforms” in Nigeria are strengthening macroeconomic fundamentals and boosting confidence in the financial system.
“To build resilient financial systems, we must anchor our economies on trustworthy institutions, credible policies, transparent markets, and risk-aware innovation,” he added.
Highlighting the financial impact of climate change, Cardoso said, “Climate risk is financial risk. It affects sovereign ratings, cost of capital, inflation dynamics, food security, insurance markets, and fiscal sustainability.”
He reaffirmed the CBN’s commitment to constructing a resilient, risk-aware financial architecture, advancing green finance frameworks, and deepening cross-border cooperation, stressing that these measures are key to long-term competitiveness.
Cardoso also pointed out that while Africa contributes the least to climate change, it suffers disproportionately from its effects, yet offers significant opportunities in renewable energy, biodiversity, a young population, and evolving financial markets.
“To seize these opportunities, we must innovate for resilience, not as isolated nations, but as a continent. By working together deliberately, transparently, and with unwavering commitment, we can build the resilient, sustainable, and inclusive financial systems that Africa needs,” he said.
The Egypt30by30 program, according to the IFC, aims to strengthen frameworks, build market capacity, and support financing for projects improving efficiency, resilience, and competitiveness, including green buildings and water and energy efficiency initiatives.
