early stages of development having transited from poverty, corruption and political imbroglio into a more stable and prosperous nations. bis central bankers ’ speeches therefore, the success stories of these east asian countries attested to the truism that leadership plays a crucial role in the development of any society. the commitment and good governance by the leaders in these environments translated the societal aspiration and vision into concrete terms as demonstrated in the amazing economic and political progress. visionary leadership and good governance, no doubt, remains the hallmark of pushing the growth and development frontiers as well as accelerating the pace of economic progress. we can, without any fear of contradiction assert that these leaders were nationalists, visionaries and uncompromising leaders in their various rights. 13. at this juncture, it will not be inappropriate to affirm some of those leaders who championed the course of development in their countries. mohamad mahathir of malaysia, jiang zemin of peoples ’ republic of china, lee kuan yew of singapore, suharto of indonesia, to mention a few, were reformers and change champions in their own right. the former prime minister of malaysia, mahathir mohammed was responsible for the creation of a world class economy in malaysia, and was able to guarantee higher standards of living, higher literacy and higher life expectancy for his people. accordingly, he implemented appropriate economic policies to encourage enterprises in malaysia to grow and expand by adopting latest technology and management practices and ultimately compete globally. mention should also be made of the former president jiang zemin of the peoples ’ republic of china. his leadership qualities were extolled for exposing centralized communist economic system to capitalist market stimuli and achieving spectacular progress for china. what can be gleaned from the asian experience 14. certainly, the rapid growth in asian emerging economies has the potential to provide some lessons to nigeria. the remarkable success of the economies of the asian countries raises the question of factors that accounted for these success stories. the asian miracle was able to create resources which were managed efficiently to promote economic growth and development. the structure has helped in freeing the countries from corruption as resources are directed to areas that produce high economic returns. 15. an indispensable lesson from the east asian experience is the pivotal role that the political leadership played in directing their growth paths toward ensuring economic progress and development. this also underscores the importance of a stable and enduring political environment that is conducive for establishing the ideal condition for economic and industrial take - off

olayemi cardoso : economic briefing at the joint senate committee on finance, banking, insurance and other financial institutions and national planning speech by mr olayemi cardoso, governor of the central bank of nigeria, at the economic briefing at the joint senate committee on finance, banking, insurance and other financial institutions and national planning, lagos, 9 february 2024. * * * chairman, senate committee on banking, insurance, and other financial institutions : distinguished senator mukhail adetokunbo abiru chairman, senate committee on finance : distinguished senator mohammed sani musa chairman, senate committee on national planning : distinguished senator abdullahi yahaya distinguished vice chairs and members of the joint senate committees here today honourable ministers my colleagues from the central bank of nigeria gentlemen of the press ladies and gentlemen good morning, permit me to read a prepared statement given the seriousness of this matter and then subsequently have a discussion on these topics during the q & a session. i am honoured to appear before this joint senate committee on finance, banking, insurance, and other financial institutions and national planning to address critical concerns related to exchange rates and inflationary pressures in the economy. indeed, this is the major topic of concern in our villages, our towns and our cities. the urgency of the matter is not lost on us at the central bank, and i assure you we are working tirelessly with colleagues across government, including with the leadership of this national assembly, to bring lasting solutions. 1 / 4 bis - central bankers'speeches inflation in december 2023, the economic landscape revealed significant shifts. the headline inflation stood at 28. 92 % in december 2023 as against 28. 20 % in november, food inflation was 33. 93 % as against 32. 84 % in november, while core inflation was 23. 06 % as against 22. 38 % in october 2023. headline inflation surged to 28. 92 %, propelled by food shortages, distribution challenges, and seasonal trends. the festive season's consumer demand upsurge, following subdued periods due to energy and foreign exchange reforms, contributed to this trend, persisting from november through december yearly. the upward trend of food inflation is primarily due to supply shocks caused by insecurity, climate - induced factors such as flood and rainfall shortage in some cases, inefficient, subsistent and seasonal farming practices as well as importation bottle necks that have impacted the prices of imported food items. anecdotal evidence indicates that recent