Emefiele woos investors, says Nigeria ready for business

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)
Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has assured investors and the international community that the country has gone through a successful election and was ready for investments.

The CBN Governor, Godwin Emefiele, on Friday night in Washington DC, held an informal meeting with potential investors where he enticed them with the Nigerian success stories, especially in agriculture.

Mr Emefiele said that the Anchor Borrowers Programme, which targets local farmers, was one of the major achievements of the bank under its development interventions.

“As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to 902,518 farmers.

“During the period, over 2.8 million and 8.4 million direct and indirect jobs were created under the Anchor Borrowers Programme,” he said.

On the country’s foreign exchange policy, Mr Emefiele said that the focus had always been to ensure price stability.

He highlighted some of the foreign exchange reforms undertaken by the bank, which included the ban of the 41 items, the establishment of the investor’s and export’s window and the SME Window of the foreign exchange market.

According to him, this resulted in a stable exchange rate, foreign exchange liquidity, vibrancy in the capital market, improved supply of foreign exchange with a positive impact on GDP growth.

Mr Emefiele said also that Nigeria, through its financial inclusion strategy, had recorded a lot of progress in giving its adult population access to a broad range of formal financial services at an affordable cost.

According to him, statistics shows that in Nigeria today, the number of adult with access to financial services has grown from 58.4 per cent in 2016 to 63.2 per cent in 2018.

“A lot of work has been done and indeed a lot of work needs to be done but in the midst of this, we are saying that Nigeria is open for business and foreign investors.

“As the monetary and fiscal authority continue to work tirelessly to boost our economy, it is important to portray some of Nigeria’s enduring strength which offers (a) significant reward for current and prospective foreign investors.

“I want you to know that irrespective of the impact of the recession, Nigeria’s economy remains the largest in Africa by the size of its GDP with diversified opportunities across different sectors.

“These sectors include ICT, manufacturing, solid minerals, trade and agriculture,” he said.

Mr Emefiele assured potential investors of the safety of their investments should they choose to take a leap of faith and make a mutually beneficial investment in the country. (NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.