olayemi cardoso : launch of the nigerian economic summit group 2024 macroeconomic outlook report keynote address by mr olayemi cardoso, governor of the central bank of nigeria, at the launch of the nigerian economic summit group ( nesg ) 2024 macroeconomic outlook report, lagos, 24 january 2024. * * * good morning esteemed guests, it is with great pleasure that i address you today at the launch of the nesg 2024 macroeconomic outlook report. i am truly honoured to have the opportunity to deliver the keynote address on this significant occasion. the importance of this launch cannot be overstated, considering the incredible progress made by the organization in various areas such as research outputs, program execution, seminars, conferences, and workshops, all aimed at facilitating the formulation and implementation of socio - economic reform programs to foster the growth and transformation of the nigerian economy. it is crucial to emphasise that the nesg has become one of the most pivotal platforms for public - private dialogue in our country. i extend my sincere appreciation to the chairman and the leadership, the members of the macroeconomic outlook report committee, and the dedicated staff of the nesg for their relentless efforts. i sensed the urgency in the chairman's tone when i received the invitation letter. the acknowledgment of the challenges facing the economy and the resistance to proposed solutions by various stakeholders were evident. however, i want to assure you that we are now at a turning point, and the bold reforms being undertaken across different segments of the economy, while initially challenging, are ultimately directed towards addressing these challenges in a sustainable manner. i am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future. the dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy. indeed, recent reports from international rating agencies such as fitch, moody's, and commendations from multilateral banks like the world bank reflect this, with upgrades to nigeria's ratings from stable to positive. these reports acknowledge the possible reversal of the deterioration in the country's fiscal and external position due to the authorities'reform efforts. while noting the painful adjustments, they all identify a direction of travel that will unlock the much - needed growth and development for our economy in the medium to long term. distinguished guests, ladies, and gentlemen, i am under no illusion that these commendations are reducing the price of rice in the market or the cost of fx

areas which include : • staff redeployment to place round pegs in round holes ; • full implementation of the it programme ; • operationalization of the new economic policy department ; • reform and restructuring of the security services division ; • reform of the budget and procurement processes ; • out - sourcing of some non - core functions ; • restructuring of the training programme to ensure value for money ; and • implementing a staff welfare package that ensures a motivated work force. the task of meeting these challenges is enormous. the bank is currently facing budget constraints, arising from increasing costs, the financing of the project eagles, the implementation of the banking sector consolidation programme, and the take - over and restructuring of the mint, all in the face of shrinking revenues - as monetary policy becomes efficient. but we shall strive to fulfill our mission and to keep to our promises. on the part of staff welfare, as i said in my 2004 end of year address, staff welfare remains our number one priority and inspite of the dwindling resources we shall continue to meet our commitments to staff. ladies and gentlemen, let me note that the strategic position of the currency and branch operations department under the new structure derives from the fact that the branches are expected to serve as front offices for the other departments in the bank, while the branch network is expected to serve as an effective delivery channel for banking services to the customers. to this end, branch controllers and currency officers must see themselves as the ambassadors of the bank. before i conclude, let me restate that, as the bank ’ s representatives in your respective branches and offices, management expects you to maintain high standards of professionalism and integrity in your conduct, while upholding the bank ’ s values. we are concerned over the increasing rate of fraud in the bank in recent times. while we are improving processes and procedures and strengthening internal controls, we need to closely monitor the activities of staff, to achieve zero tolerance for fraud, at each branch level and bank wide. for the avoidance of doubt, management is firmly committed to stamping out corruption in the bank and will take every necessary measure to protect the bank ’ s assets. may i urge you all to participate actively in this very important conference in order to derive the maximum benefits from it which you will find useful in improving the quality of services in your respective branches and currency centres. on this note, i declare the 26th annual branch controllers ’ conference open and wish you fruitful deliberations.