The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called for stronger economic ties between Nigeria and the Middle East economies.
He spoke at a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank - SAMA, on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies in Saudi Arabia.
Cardoso said there were lessons to be learned from Saudi Arabia in terms of infrastructural development and tourism, according to a statement by the CBN, in Abuja, yesterday.
According to the statement, the Governor said Saudi Arabia's dedication to diversifying its economy through innovative environmental projects, large-scale transformation, and tourism investment was essential for development.
He promised to ensure a closer collaboration with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria's financial sector.
He also said CBN will continue to enhance macroeconomic fundamentals to establish an enabling environment for the growth of the private sector and the generation of high-quality jobs for Nigerians.
Responding, Al-Humond assured Cardoso that the Saudi Central Bank would work with the CBN to ensure the attainment of mutually beneficial objectives.
During a panel discussion moderated by the Director, Middle East and Central Asia Department, IMF, Jihad Azour, at the conference, Cardoso explained the
Reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market.
