Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has urged stronger economic cooperation between Nigeria and the Middle East. Cardoso made this call while attending the maiden “Emerging Markets Economies Conference” in Saudi Arabia. He met with Talal Al-Humond of the Saudi Central Bank to explore mutual economic benefits between Nigeria and the region, citing opportunities for collaboration in infrastructure, tourism, and the financial sector. Cardoso praised Saudi Arabia’s large-scale infrastructure projects, diversification efforts, and tourism as a model for Nigeria. He also stressed the importance of engaging the Nigerian diaspora in the region to boost remittances into the country and expand financial services. During a panel discussion, Cardoso acknowledged Nigeria’s previous economic challenges but stated that the Central Bank is committed to restoring market confidence. He highlighted the successes already recorded in the foreign exchange sector, with CBN reforms leading to the nation’s highest forex reserves in almost three years.
Source: Nairametrics
