Nigerians Don’t Read Enough – CBN Governor Cardoso

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called attention to the lack of reading culture among Nigerians, particularly regarding crucial economic reports. He made this remark while speaking at the launch of the May edition of the *Nigeria Development Update* (NDU) by the World Bank in Abuja on Monday.

Cardoso praised the World Bank for producing the NDU, describing it as a valuable resource for understanding the nation’s economic outlook and policy recommendations. “I think it’s a very useful document, and I really do want to commend the World Bank for taking the time and effort to put this out every six months; very useful,” he said.

However, Cardoso expressed concern that many Nigerians, including policymakers, are not fully taking advantage of such valuable insights. “I do feel that Nigerians perhaps don’t read enough. They don’t take advantage of, and policymakers by extension, such useful analysis, which is readily available,” he added.

The CBN Governor stressed the importance of engaging with such reports to enhance economic decision-making and understanding. He urged citizens, particularly those in leadership roles, to prioritize the reading and analysis of documents like the NDU, which provide important data and forecasts on the economy.

In addition to his call for more widespread reading, Cardoso reiterated the CBN’s commitment to ensuring Nigeria’s economic stability. He highlighted the bank’s focus on key areas such as price stability and financial stability, which are essential to maintaining a balanced and sustainable economic environment. “Price stability, financial stability—those are very key areas that we ensure that we are monitoring and ensure that we get ahead of,” he explained.

The World Bank’s latest report on Nigeria’s economy, as presented in the NDU, projected a growth rate of 3.4% for 2024. The global financial institution praised this growth as a positive development for the country, considering the current global economic challenges. The projection highlights Nigeria’s resilience and potential for continued progress despite external uncertainties.