Nigeria’s Central Bank Governor Warns of Skills Deficit in The Country’s Financial Sector

The Governor of the Central Bank of Nigeria (CBN), MrOlayemi Cardoso, has raised concerns over the growing shortage of skilled professionals in finance-related disciplines across Nigerian universities, calling for urgent academic reforms to address this critical gap.

Speaking during a strategic meeting with the President of the Nigerian Economic Society (NES), Professor Adeola Adenikinju, and representatives from the Nigerian Economics Students Association (NESA), Cardoso underscored the pressing need to cultivate a new generation of leaders in Nigeria’s financial sector.

In a statement released by the CBN on Sunday, Cardoso highlighted the pivotal role of young professionals in driving Nigeria’s economic future. “We must address the scarcity of skilled professionals in finance-related fields,” the CBN governor said, noting that the lack of specialised expertise is undermining the country’s long-term economic strategy.

He emphasised the necessity of creating opportunities for youth development in the financial and social sciences, stating that nurturing young talent is essential for sustaining a competitive financial ecosystem. Cardoso stressed that a robust pipeline of skilled professionals is critical to advancing Nigeria’s Financial System Strategy (FSS), which remains key to the country’s economic growth ambitions.

Cardoso further advocated for mentorship initiatives involving collaboration between the CBN, NES, and NESA, which would equip students with the skills and knowledge required to excel in finance. “By working together, we can foster an environment where the next generation can thrive and contribute meaningfully to Nigeria’s financial sector,” he said.

In addition to fostering skills, the CBN governor touched on the importance of simplifying complex economic concepts to make monetary policy more accessible to the general public. He urged economists and students alike to take an active role in demystifying economic theory, helping citizens understand how financial decisions impact their lives.

The statement from the CBN highlighted presentations from NES and NESA members, with Cardoso stressing the value of ongoing research and activities aimed at supporting the bank’s mandate. He reaffirmed the CBN’s commitment to strengthening ties with both organisations to promote innovation, gender diversity, and greater female representation within the financial sector.

Professor Adenikinju, in turn, expressed the NES’s eagerness for deeper collaboration with the CBN, pointing to research support, internships, and workshops as crucial avenues for developing the next generation of financial professionals. He also emphasised the need for a more strategic use of social media to effectively communicate economic policies to a broader audience.

As Nigeria grapples with its economic challenges, Cardoso’s call for academic reforms, mentorship, and collaboration with key financial institutions underscores a vital aspect of the country’s efforts to build a sustainable, future-ready financial sector.