Nigeria said it will partner with leading International Money Transfer Operators (IMTOs), to double remittance flows into the country.

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made this disclosure in a statement on Monday.

Cardoso said this during a press conference that was held at the International Monetary Fund (IMF) and World Bank Group annual meetings.

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“Besides our meetings with multilateral financial institutions, and foreign investor groups with a keen interest on developments in Nigeria, including a critical gathering at the US Chamber of Commerce, we had very productive discussions with leading International Money Transfer Operators (IMTOs),” he said.

“We collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term.

“This target is both ambitious and achievable, and we’re wasting no time in setting up a collaborative task force, reporting to myself, to drive progress and address any bottlenecks that hinder flows through formal channels.”

Cardoso said it was a fruitful few days of engaging with the country’s esteemed international policy counterparts and stakeholders from around the world, as well as Nigeria’s investors.

He said the nation’s entourage came for the event with a very clear agenda and has held highly significant and intentional meetings.

Cardoso said each meeting was held with an objective to further support the stability and ultimate growth of the Nigerian economy.

He added that within six months since he assumed office as CBN governor, the challenges have been significant.

Cardoso explained that these problems are numerous, from grappling with inflation to addressing volatility in the foreign exchange market.

However, with relative stability now achieved, particularly in the FX market, he said Nigeria has transitioned from firefighting to strategic planning across key areas.

“These areas include improving the ease of doing business in Nigeria, to consolidate and sustain the gains through an efficient and transparent market system,” he said.

“Other areas are boosting financial and economic inclusion for small businesses and households, trying all potential ways to leverage smarter use of technology, and remote banking to reduce the cost of transactions and expand accessibility to the financial system.”