CBN Governor Reassures UK Investors About Financial Sector Reforms and Investment Commitment

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), reaffirmed Nigeria's commitment to enhancing financial sector reforms and attracting long-term investments whilst hosting a delegation from British International Investment (BII).

The delegation, led by Chair Ms. Diana Layfield and accompanied by British High Commissioner to Nigeria, Mr. Richard Montgomery, convened in Abuja as part of ongoing efforts to further financial reforms in Nigeria.

In his address, Cardoso highlighted the CBN's focus on ensuring macroeconomic stability, implementing a credible monetary policy, and fostering a transparent, data-driven regulatory framework designed to strengthen the banking sector's resilience and enhance financial intermediation.

The discussions included insights into recent developments within the financial services industry, BII’s investment forecasts, and possibilities for deploying patient capital to support banking sector stability, financial inclusion, and the sustainable growth of the private sector, as outlined in a statement from the central bank.

Cardoso emphasized that Development Finance Institutions (DFIs), which offer long-term capital with robust governance practices, are crucial partners in Nigeria’s reform initiatives.

Layfield reiterated BII’s strong interest in the Nigerian financial services landscape, underscoring the necessity for regulatory clarity and ongoing engagement to foster investment and inclusive economic growth.

The meeting featured participation from various members of BII’s Board and Executive Management, including CEO Leslie Maarsdorp, Non-Executive Director Andrew Alli, Non-Executive Director Simon Rowlands, and MD and Head of Africa Chris Chijiutomi, as well as senior officials from the British High Commission.

British International Investment serves as the UK's development finance institution, fully owned by the UK government through the Foreign, Commonwealth and Development Office (FCDO), with total assets amounting to £9.9 billion. This institution supports over 1,600 businesses in emerging markets.