Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on African countries and other emerging economies to move beyond merely adapting to global changes and instead play a leading role in shaping the emerging international economic order.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja, Cardoso said the world is undergoing profound transformation driven by geopolitical fragmentation, shifting supply chains, rapid technological innovation and changes in global financial systems.
While these developments have created uncertainty, he noted that they also offer unprecedented opportunities for Africa and other emerging markets.
“The question before us is no longer whether change is coming. Change is already here. The real question is whether emerging markets will simply adapt to this new order or play an active role in shaping it,” he said.
Cardoso expressed optimism about Africa’s future, citing the continent’s youthful population, growing consumer markets, abundant natural resources and entrepreneurial talent as strong foundations for long-term prosperity.
He stressed, however, that these advantages must be supported by sound macroeconomic policies, resilient institutions and stronger regional cooperation to achieve sustainable growth.
Highlighting Nigeria’s reform agenda, the CBN governor said the apex bank had embarked on a deliberate programme anchored on transparency, policy credibility and good governance.
According to him, early signs of renewed investor confidence in Nigeria’s macroeconomic direction demonstrate that disciplined reforms can deliver lasting economic gains.
He emphasised that no country can achieve meaningful economic transformation in isolation, underscoring the importance of collaboration through platforms such as the Emerging Markets Forum.
“For nearly three decades, the Emerging Markets Forum has provided a platform for policymakers, business leaders and development practitioners to exchange ideas and develop practical solutions to the common challenges facing emerging economies,” he said.
In his opening remarks, the CBN Deputy Governor for Corporate Services, Dr Mohammed Sani Abdullahi, said Nigeria’s foreign exchange reforms had corrected long-standing market distortions despite the short-term adjustment costs.
He noted that the reforms had narrowed the gap between the official and parallel foreign exchange markets while strengthening the country’s external reserves.
“The reforms have come with adjustment costs, but they have reduced long-standing distortions in our markets. Under the previous system, foreign exchange subsidies were estimated at 3% of GDP in 2022.
Since the reforms began, we have seen a narrowing of the premium between the official and parallel exchange markets, while our gross external reserves have risen to $52.52 billion as of July 17, providing approximately 11 months of import cover for goods and services,” Abdullahi said.
Welcoming participants, Founding Director and Chief Executive of the Emerging Markets Forum (EMF), Harinder Kohli, described the 7th Africa Forum Meeting as the largest gathering in the forum’s history.
“This is our seventh Africa Forum Meeting and our 39th meeting overall. I am pleased to say this will be our largest meeting ever,” Kohli said, noting that participants had travelled from across Africa, Europe, the United States, India and other parts of the world, reflecting the growing global interest in Africa’s economic prospects.
Earlier, Executive Director of the Centre for the Study of the Economies of Africa (CSEA), Dr Chukwuka Onyekwena, said the global economy is passing through one of its most consequential periods of transformation.
He observed that geopolitical tensions are reshaping global trade, supply chains are being reorganised, advances in artificial intelligence are transforming production systems and labour markets, while climate change and tighter global financial conditions continue to pose challenges for developing economies.
According to Onyekwena, although African economies remain vulnerable to external shocks, including commodity price volatility, inflation, food insecurity and fluctuating capital flows, the continent also has significant opportunities driven by its youthful population, digital innovation, expanding regional markets, renewable energy resources and the adoption of artificial intelligence.
“The central question before us is not whether the global economy is changing. It clearly is. The challenge is how Africa positions itself to seize the opportunities emerging from this transformation,” he said.
