Clement Isong

Clement Nyong Isong
Born	Template:Birth date Eket, Akwa Ibom State, Nigeria
Died	May 29, 2000(2000-05-29) (aged 80)
Occupation(s)	Economist, Politician
Known for	Governor of the Central Bank of Nigeria (1967–1975), Governor of Cross River State (1979–1983)

Clement Nyong Isong (20 April 1920 – 29 May 2000) was a distinguished Nigerian economist and political figure who held the position of governor at the Central Bank of Nigeria between 1967 and 1975 during the military administration of General Yakubu Gowon. Subsequently, he was elected as governor of Cross River State from 1979 to 1983 during the Nigerian Second Republic.

Background

Born in Eket, located in Akwa Ibom State, Isong pursued higher education at University College, Ibadan, followed by studies at Iowa Wesleyan College and the Harvard Graduate School of Arts and Sciences, where he obtained a doctorate in Economics. Prior to his tenure at the Central Bank of Nigeria (CBN), he served as an economics lecturer at the University of Ibadan. He initially joined the CBN as secretary and advanced to become director of research. Additionally, Isong provided advisory services to the International Monetary Fund within its African Department.

Central bank governor

Isong assumed the role of CBN governor in August 1967, guiding the institution through the challenges of the Nigerian Civil War and the ensuing oil boom until September 1975. His stewardship helped Nigeria avoid excessive foreign debt. He observed that despite an increase in foreign reserves, investment options remained constrained even though infrastructure development demands were high. When U.S. foreign assistance was withdrawn in 1971, Isong downplayed its significance, emphasizing Nigeria's strengthening financial autonomy.

Later career

Following his departure from the Central Bank, Isong became the inaugural civilian Governor of Cross River State (1979–1983) representing the National Party of Nigeria (NPN). In 1981, he directly addressed a territorial dispute with Cameroon in the Ikang region by visiting the area personally.

In recognition of his national service, Isong was awarded the Commander of the Federal Republic (CFR) honour in 1982. During the 1983 electoral cycle, his position within the NPN was contested by Senate President Joseph Wayas and Senator Joseph Oqua Ansa, who backed Senator Donald Etiebet for governor. Etiebet secured both party nomination and election victory, taking office in October 1983; however, his administration was cut short by Major-General Muhammadu Buhari's military takeover in December.

Isong passed away on 29 May 2000. His image is featured on the 1,000 Naira banknote introduced on October 12, 2005.