The students' body which expressed deep concerns over the apparent lack of technical understanding exhibited by Cardoso, said this had plunged the country's economy into ruins.
The National Association of Nigerian Students (NANS) has called on President Bola Tinubu to immediately sack the Governor of the Central Bank, Dr Olayemi Cardoso, and appoint a competent and accountable hand with the requisite expertise and performance metrics.
The students' body which expressed deep concerns over the apparent lack of technical understanding exhibited by Cardoso, said this had plunged the country's economy into ruins.
In a statement on Wednesday, signed by the Coordinator and Public Relations Officer NANS, Southwest Zone D, Alao John, and Bamigboye Peter Oluwadamilola respectively, the students body maintained that as the apex monetary authority in the country, the CBN plays a pivotal role in shaping economic policies and safeguarding the nation's financial stability which it said could not be achieved under Cardoso’s directionless leadership.
"It is evident that the incumbent CBN Governor lacks the necessary expertise in international economics. This deficiency poses a significant risk to Nigeria's economic interests, particularly in navigating the complexities of global economic dynamics and fostering sustainable growth," it said.
"NANS urges the federal government to prioritise the appointment of a CBN Governor who possesses a comprehensive understanding of international economics, as well as the ability to collaborate effectively with fiscal authorities."
The students body stated that competent leadership was essential for implementing sound monetary policies that promote economic stability and growth.
According to the statement, "The absence of clearly defined performance targets for the CBN Governor hampers accountability and transparency. NANS advocates for the establishment of a robust performance evaluation framework that assesses the Governor's effectiveness in achieving key objectives such as price stability, financial system resilience, and economic growth.
"NANS urge federal government to appoint a CBN Governor with the requisite expertise in international economics and monetary policy as Cardoso is incompetent, he is unprepared and not ready for the job.
The selected candidate must demonstrate the ability to address current economic challenges and advance Nigeria's interests on the global stage.
"The federal government should develop clear and measurable performance targets for the CBN Governor, encompassing key areas such as price stability, financial system stability, and economic growth. Regular performance assessments should be conducted to ensure accountability and drive performance improvement.
"NANS recommends the implementation of regular reporting mechanisms, whereby the CBN Governor provides quarterly updates on their performance and achievements. This practice would enhance transparency and facilitate informed decision-making by stakeholders.
"NANS emphasizes the urgent need for competent and accountable leadership at the helm of the Central Bank of Nigeria. By appointing a Governor with the requisite expertise and establishing clear performance metrics, Nigeria can ensure effective monetary policy implementation and safeguard the nation's economic interests.
"NANS stands ready to collaborate with the federal government in advancing these objectives for the prosperity of all Nigerians."