Nigeria's Central Bank Governor, Mr Olayemi Cardoso, has called for African financial regulators to work together to tackle cross-border risks. Cardoso made the appeal at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum in Abuja. The event took place at the Central Bank of Nigeria headquarters on Tuesday, March 24, 2026.
As African banks and financial systems become increasingly interconnected, Cardoso believes that collaboration among regulators is essential to safeguard stability and ensure shared prosperity across the continent. He urged African regulators to deepen cooperation in managing cross-border risks and adopt shared prudential principles tailored to Africa's realities.
The Governor highlighted Nigeria's regulatory and supervisory reforms as an example of proactive leadership. In 2024, the Central Bank of Nigeria anticipated upcoming challenges and launched the Banking Sector Recapitalisation Programme to strengthen the resilience of Nigerian banks. This policy inspired similar reforms across Africa, and Nigerian banks attracted ₦4.61 trillion in new capital, with nearly 27% coming from foreign investors.
Cardoso also reaffirmed the Bank's commitment to robust corporate governance. He declared that the Central Bank has a zero-tolerance policy for corporate governance violations. The Bank has ended years of regulatory leniency and restricted banking services to chronic defaulters.
The Central Bank Governor's call for African regulators to work together is a welcome step towards addressing the continent's cross-border risks. However, concrete actions are needed to translate this vision into reality. The CBN's commitment to robust corporate governance is a positive development that should serve as a model for other African countries. By ending regulatory leniency and restricting banking services to non-performing obligors, the CBN has sent a strong signal that credit discipline and financial integrity will be prioritized. This move will have a direct impact on everyday Nigerians, who will benefit from a more stable financial system.
