The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that conflict and natural disasters have put countries’ financial stability at risk.
Cardoso gave the warning in Abuja at the Joint World Bank Regional Training on Medium Term Debt Management Strategy in Abuja on Monday.
Represented by the Director of the Monetary Policy Department of the CBN, Dr. Mohammed Tumala, the apex bank boss said that recent events like the COVID-19 pandemic, geopolitical conflicts, and natural disasters have put a strain on many countries’ finances, making them more likely to seek loans from diverse sources.
Cardoso expressed concern that this new debt landscape could pose a threat to financial stability and economic recovery for many countries.
“Following the COVID-19 pandemic, along with other developments such as geopolitical conflicts and natural disasters, the financial strain on our sub-region has escalated, posing a threat to their macroeconomic and financial stability and prospects for faster recovery,” he said.
Meanwhile, Director-General of the West African Institute for Financial and Economic Management, Dr. Baba Musa, has warned that Nigeria is at a high risk of falling into debt distress and urged the federal government to look for ways of improving revenue.
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