Make Nigeria Preferred Bizness Destination – Emefiele To Investors


BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) says Nigeria remains the preferred business destination globally having successfully navigated through another general elections.

CBN Governor, Mr Godwin Emefiele, who gave the assurance to investors and the international community in Washington DC, United States, noted that the country was more than ready for new investment portfolios.

Mr Emefiele said ready to take the bold steps of having mutually beneficial investments in Nigeria, all potential investors are fully assured of the safety and security of their investments

He stated that the Anchor Borrowers Programme (ABP), which targets local farmers, stands out among the apex bank’s major achievements under its development interventions in growing the nation’s economy.

Speaking at an informal meeting with potential investors on Friday night in Washington DC, the CBN Governor reeled out the Nigerian success stories, especially in agriculture, saying; “As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to about 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.”

Emefiele, in highlighting some of the foreign exchange reform measures undertaken by the CBN, said Nigeria’s foreign exchange policy focus has always been to ensure price stability at all times.

He explained that the reforms include forex clampdown on 41 items; establishment of the investor’s and export’s window as well as the Small and Medium Enterprises (SMEs) window of the foreign exchange market.

The CBN boss stated that the development has led to stability in the exchange rate; foreign exchange liquidity; vibrancy in the capital market; improved foreign exchange supply with positive impact on GDP growth.

According to him, Nigeria, through its financial inclusion strategy, has made appreciable progress in giving its adult population access to a broad range of formal financial services at an affordable cost.

Emefiele also said existing statistics indicate that access to financial services by the adult population in Nigeria rose to 63.2 per cent in 2018 compared to the 2016 figure of 58.4 per cent.

He maintained that “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 authorities continue to work tirelessly to boost our economy, it is important to portray some of Nigeria’s enduring strength which offers 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.”

The CBN Governor listed the sectors that have continued to record significant growth as ICT, manufacturing, solid minerals, trade and agriculture.

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