Respond to members’ needs, Cardoso charges W’Bank, IMF

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has challenged the World Bank and the International Monetary Fund to be more responsive to the varying needs of member countries in various regions of the world.

He also demanded greater participation and representation by African countries in the governance and decision-making processes of global financial institutions, advocating solutions that address the unique financial challenges faced by African nations.

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.

A statement from the CBN on Sunday said, “Cardoso’s presence at this historic forum highlighted Nigeria’s and Africa’s growing influence in international economic discussions. His participation underscored his pivotal role as a representative of African interests, advocating for the continent’s financial needs and priorities in the global economic space.

“It offered a critical platform for reshaping the international financial architecture to meet the needs of emerging markets and developing economies”.

The statement explained that the event was organised to address issues such as investment, inclusive growth, climate resilience, and the evolving role of multilateral financial institutions in a rapidly changing world.

The prestigious event, held at Bretton Woods, New Hampshire, USA, where the original post-World War II financial system was born, brought together a select group of global leaders to critically assess and shape the future of international financial systems.

The CBN governor representing Africa’s interests on the global financial stage noted that the international institution must evolve to tackle pressing issues like sustainable development, financial inclusion, and climate resilience.

The statement added, “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.

“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.”

Continuing, Cardoso emphasized that institutions must stay responsive to the diverse needs of regions worldwide while striving for more inclusive and sustainable global financial systems that cater to the economic priorities of both emerging and advanced economies.

“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. Governor Cardoso’s contributions were central to ensuring that these institutions remain responsive to the diverse needs of regions around the world, as they work towards more inclusive and sustainable global financial systems that address the economic priorities of both emerging and advanced economies.”