President Olayemi Cardoso called on Africa’s central banks and development finance institutions to take a more coordinated approach to driving growth, industrialization and climate resilience across the continent, warning that Africa’s financial future depends on reconciling stability and sustainability.
Speaking at the Egypt 30by30 program, hosted by the Central Bank of Egypt and the International Finance Corporation, Cardoso said Africa needs to accelerate growth, create jobs, expand economic opportunities and lift millions out of poverty, while decarbonizing and strengthening resilience to climate shocks.
He explained that the collaborative ambition behind the 30by30 initiative represents a common continental vision that prioritizes resilience, climate awareness and long-term economic sustainability.
Cardoso said that through close collaboration with the Central Bank of Egypt and partners in the World Bank Group, the CBN is committed to building a resilient and risk-aware financial architecture, promoting green finance, strengthening cross-border cooperation, and positioning African economies not only to withstand shocks but also to thrive amid global uncertainty.
“Resilience begins with confidence,” Cardoso said, noting that Nigeria’s disciplined and transparent reforms have strengthened macroeconomic fundamentals and restored confidence in the financial system.
“To build a resilient financial system, we must anchor our economy in trusted institutions, trusted policies, transparent markets, and risk-aware innovation,” he said.
He stressed that climate change considerations can no longer be left outside monetary policy. “Climate risk is a financial risk. It affects sovereign ratings, cost of capital, inflation trends, food security, insurance markets and fiscal sustainability,” he said.
Cardoso argued that although Africa contributes the least to global emissions, it bears the greatest share of climate-related costs. At the same time, he cited the continent’s vast renewable energy potential, biodiversity assets, young population and rapidly evolving financial markets as structural advantages that support sustainable growth.
“To seize these opportunities, we must innovate to become more resilient as a continent, not as isolated nations,” he said. “By working together intentionally, transparently and with unwavering commitment, we can build the resilient, sustainable and inclusive financial systems Africa needs not only to withstand future shocks but also to thrive for decades to come.”
The initiative underscored what Cardoso described as a critical imperative for the continent: Africa’s growth trajectory depends on a dual commitment to macroeconomic stability and climate-smart financial development.
