Governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged African financial regulators to strengthen collaboration in managing cross-border risks, warning that increasing interconnections among financial systems demand urgent and coordinated oversight.
Speaking in Abuja at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision, Cardoso emphasised the need for deeper cooperation among regulatory authorities across the continent. The forum was held at the headquarters of the Central Bank of Nigeria.
According to a statement issued by the apex bank on Tuesday, Cardoso noted that as banks and financial markets across Africa become increasingly interconnected, regulators must work more closely to protect the system from shocks and ensure sustainable economic growth.
“As African banks and financial systems become more integrated, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity across the continent,” he said.
Cardoso highlighted that financial integration across Africa is progressing faster than political coordination, creating potential vulnerabilities if not properly managed. He stressed the importance of harmonised regulatory standards that reflect the continent’s evolving financial landscape.
He further called for the adoption of shared prudential frameworks that would enable African countries to respond collectively to emerging risks while also promoting inclusive economic growth.
The CBN governor’s remarks come amid growing efforts to deepen financial cooperation across Africa, as policymakers seek to balance integration with stability in an increasingly connected global economy.
