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The Central Bank of Nigeria (CBN) has underscored the need for transparency in debt management and borrowing activities to foster trust among investors, creditors, and the public.
CBN Governor Olayemi Cardoso, speaking in Abuja, stressed that regular disclosure of debt information is crucial for building this trust. He also emphasized the importance of investing in human capital and capacity development for debt management professionals, advocating for ongoing training, mentorship, and technical assistance.
Cardoso highlighted that effective debt management is a strategic imperative in today’s world, enabling governments to finance critical investments without placing undue burdens on future generations.
The event, co-organized by the World Bank, IMF, and WAIFEM, aimed to enhance national capacities for debt management and promote the development of robust Debt Management Strategies (DMS) and Annual Borrowing Plans (ABP).
Representing Cardoso at the event, Ms. Ladi Raulatu Bala-Keffi, Acting Director at the CBN, reiterated the significance of investing in human capital. “We must continuously provide our debt management professionals with the necessary training, mentorship, and technical assistance. Moreover, routine disclosure of our debt portfolios and borrowing activities is vital,” she said.
Cardoso also emphasized that strengthening national capacities for debt management is essential. “It allows us to meet the government’s funding needs in a cost-effective and risk-conscious manner, both now and in the future. Countries must prioritize building a balanced and resilient debt portfolio,” he added.
At the heart of sound public debt management is the DMS—a formal plan devised by the government to achieve its debt management objectives. Formulating robust DMS and ABP is critical and requires a comprehensive approach involving a well-coordinated institutional framework for public debt management and a stable macroeconomic environment.
Cardoso explained that effective debt management is not just a technical exercise but a strategic necessity, ensuring governments can finance critical investments in infrastructure, education, healthcare, and other essential services without jeopardizing the well-being of future generations.
Speaking at the event, Dr. Baba Yusuf Musa, Director-General of WAIFEM, highlighted the Board of Governors’ commitment to excellence through Cardoso’s presence. Represented by Mr. Yakubu Aliyu, Dr. Musa stated, “This training course marks a significant achievement for WAIFEM, given the vital role of Annual Borrowing Plan development in financial management.”
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