The Chairman of BUA Group, Abdul Samad Rabiu, has praised the ongoing reforms at the Central Bank of Nigeria (CBN). He noted that Yemi Cardoso’s reforms have brought an end to years of lobbying for foreign exchange, and created a more transparent system.
Rabiu made the statement during the 2024 Leadership Awards ceremony in Abuja. He received the Leadership Person of the Year award and used the platform to applaud Cardoso’s bold changes at the apex bank. The businessman said that access to forex is now fairer, and businesses can make better plans.
According to Rabiu, the former system lacked clarity. Many companies struggled to access dollars, and this created uncertainty in the market. Yemi Cardoso’s reforms changed that approach by removing backdoor practices and making the process more open. Rabiu said the reforms now allow companies to plan production and imports with confidence.
He added that under Cardoso, the CBN removed key bottlenecks and gave equal opportunity to all businesses. This, he said, is restoring trust in the financial system. Rabiu believes that Nigeria’s economy is gradually gaining investor confidence because of the central bank’s transparent approach.
Cardoso, who assumed office as CBN Governor in 2023, has been focused on stabilizing the naira, attracting foreign investment, and improving monetary policy. His administration has removed multiple exchange rates and merged them into one. This move has helped reduce confusion and attract market-driven decisions.
Rabiu emphasized that local manufacturers now have a better view of how to operate. The forex market has become more predictable, and this is key to economic growth. He said that while challenges still exist, the reforms are a step in the right direction.
Other business leaders also expressed support for Cardoso’s policies. They said his decisions may be tough in the short term but will create long-term benefits. Some noted that his experience in finance and public service gives him an edge in managing the country’s complex economy.
Cardoso has also introduced policies to control inflation and encourage responsible lending by banks. He wants the CBN to focus on its core role, which is maintaining monetary stability. This shift has earned him praise from economists, stakeholders, and global partners.
Rabiu closed his remarks by calling on Nigerians to be patient and support the new direction. He said reforms are never easy, but they are necessary for progress. With stronger institutions and clear policies, Nigeria can compete with the world’s leading economies.
Yemi Cardoso is building a new legacy at the CBN. His bold steps are making Nigeria’s economy more open, efficient, and fair. The reforms are working, and the results are beginning to show.
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