The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on the World Bank and the International Monetary Fund (IMF) to be more responsive to the distinct financial needs of member countries, particularly in Africa. He urged for greater participation and representation of African nations in the governance and decision-making processes of global financial institutions, highlighting the unique challenges faced by the continent.
Cardoso made these statements while representing Africa at the prestigious Bretton Woods at 80 Forum, a high-level event marking the 80th anniversary of the Bretton Woods financial system, which shaped the post-World War II international economic order. The forum, held in Bretton Woods, New Hampshire, USA, gathered global leaders to address pressing issues such as investment, inclusive growth, climate resilience, and the evolving role of multilateral financial institutions.
A statement released by the CBN on Sunday emphasized that Cardoso’s presence underscored Africa’s growing influence in global 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,” the CBN stated.
During the forum, Cardoso stressed the need for the IMF and World Bank to evolve, tackling urgent global issues like sustainable development, financial inclusion, and climate resilience. He also emphasized the importance of adapting these institutions to meet the needs of both emerging markets and developing economies, particularly in Africa.
“As the Bretton Woods institutions face growing calls for reform, Governor Cardoso’s role ensured that African perspectives were strongly represented. His contributions were critical in advocating for a more inclusive and sustainable global financial system that addresses the economic priorities of both emerging and advanced economies,” the statement read.
The forum brought together former executives of major global institutions and key figures shaping the future of markets, climate action, and social development. Participants engaged in in-depth discussions, examining the challenges and successes of the IMF and World Bank while brainstorming strategies to help these institutions better meet the demands of a rapidly changing world.
The event concluded with key recommendations for the future roles of the IMF and World Bank, including reforms to ensure that these institutions are better equipped to address global challenges. Cardoso’s contributions played a central role in ensuring that these reforms are responsive to the needs of diverse regions, particularly Africa.
Cardoso’s call for reform comes at a critical time as African economies seek more equitable representation in international financial institutions to support their development goals in the face of global economic challenges.
