Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasized the need for stronger economic ties between Nigeria and Middle Eastern economies, citing opportunities in infrastructure, tourism, and financial collaboration.
Speaking at the recently concluded Conference on Emerging Markets Economies in Saudi Arabia, Cardoso met with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Central Bank (SAMA), to discuss potential areas of cooperation.
He highlighted Saudi Arabia’s economic diversification strategies, particularly its investments in tourism and large-scale infrastructure projects, as valuable lessons for Nigeria’s development.
As part of his vision for economic growth, Cardoso pledged to enhance collaboration with the Nigerian diaspora in the Middle East, focusing on improving remittance flows and strengthening Nigeria’s financial sector.
"We are committed to reinforcing macroeconomic stability to create an enabling environment for private sector growth and job creation in Nigeria," he stated.
In response, Al-Humond assured Cardoso of SAMA’s willingness to work with the CBN on mutually beneficial initiatives.
Cardoso also used the platform to discuss Nigeria’s recent financial market reforms, particularly those addressing foreign exchange distortions, during a panel moderated by Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF).
The engagement signals a potential deepening of Nigeria-Middle East economic relations, with key focus areas including financial sector growth, diaspora investment, and economic diversification
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