The nomination of Dr. Olayemi Michael Cardoso as the new governor of the Central Bank of Nigeria by President Bola Tinubu has sparked a diversity of opinions among economists.
While some advocate for a return to core economists, others believe that Cardoso’s experience and qualifications make him a strong candidate for the role, but that success in the position, however, will depend on the extent to which he is allowed to operate independently and execute sound policies.
Dr. Cardoso, a former Citibank Nigeria chairman, who boasts a distinguished career spanning over three decades in various sectors, including finance, development, and public service was nominated by President Bola Tinubu to succeed Godwin Emefiele as the substantive governor of the apex bank.
Throughout his career, Dr. Cardoso has been a consultant and policy expert, collaborating with prominent international organizations such as the World Bank, Ford Foundation, UN-Habitat, World Health Organization, and the Swedish Development Foundation.
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Education-wise, Dr. Cardoso holds a Master’s in Public Administration from Harvard Kennedy School, where he was a Mason Fellow. He completed his undergraduate studies, earning a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980.
Reacting to the nomination, President of the Independent Shareholders Association of Nigeria, Moses Igbrude, emphasized that Dr. Cardoso’s performance would depend on President Bola Tinubu’s direction.
He underscored that the CBN should maintain its independence, focusing on policy formulation, supervision, and corporate governance.
Dr. Emeka Okengwu, CEO of Anthill Concepts Limited, believed that Dr. Cardoso’s credentials and experience make him a suitable candidate for the CBN governorship.
He also noted the presence of capable individuals within the Tinubu government with whom Cardoso could collaborate effectively.
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Dr. Ayo Teriba, CEO of Economic Associates, commended President Tinubu’s nomination of Mr. Yemi Cardoso, emphasizing the need to restore probity and integrity to the CBN. “Nigeria urgently needs to restore probity and integrity to the CBN. Mr. Yemi Cardoso would do that. We should commend the president for nominating him for the role,” he said.
Professor Tayo Bello, a former stockbroker and lecturer at Adeleke University, expressed his preference for a core economist to lead the CBN.
He argued that previous banker-led CBN eras, including Soludo’s, were marked by impactful policies that have not been replicated.
He favoured technocrats over political appointments and suggested economist Wale Adun for the CBN role.
Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), affirmed that Cardoso is highly qualified for the position, citing his academic, intellectual, and industry credentials.
According to him, “Cardoso is eminently qualified for the position.