Economic Reforms: Cardoso Urges Nigerians to Resist ‘Japa’ Mentality

Governor Olayemi Cardoso of the Central Bank of Nigeria has urged Nigerian youths not to leave the country. He assured them that the ongoing reforms and policies are designed for the benefit of everyone and are aimed at fostering economic development.

Cardoso made this appeal while delivering his keynote address at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

He encouraged the youth to remain in Nigeria, emphasizing that the bank is dedicated to building an economy where businesses can thrive.

“I want to assure you that at the central bank, every decision we make is for serving the best interest of the people.

“And we will continue strengthening our internal capacity processes to ensure that these processes remain firmly rooted in evidence-based analysis.

“It is not a good idea to japa at this stage.

“Two reasons. One, those who may decide they are going to do that, will sell and get rid of their assets.

“You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket wait for the turnaround, and sell it away.

“Number two, you want to be part of the solution. You want to be part of the solution, and this is the time that we need all hands on them.

“There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria

“In taking positions in certain assets, so they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”

While acknowledging the severe impact of the reforms on Nigerians, Cardoso said the reforms are focused on tackling the challenges of today and on securing the opportunities of tomorrow with the aim of building an economy where everybody thrives.

He said: “We are building an economy where every individual, every business, and every community can thrive.

“This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve”

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