Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has appealed to foreign investors to come over and invest in Nigeria, whose economy he said is fast growing after recovering from the COVID-19 induced recession.
Mr Emefiele assured the investing community that CBN will continue to monitor progress and respond promptly and flexibly to support economic recovery from COVID-19.
“Nigeria, as a leader in Africa, is ready for Business. So we invite you, our foreign brethren in the investor community, to come over to Nigeria,” the CBN governor said at the France-Nigeria security and economic summit in Paris, France yesterday.
Emefiele said confidence in the Nigerian business environment is growing due to sustained policy. Overall business confidence index is projected at 37.7 index points in November 2021 and 57.6 index points by mid-2022.
Emefiele said the nation’s external reserves grew to nearly $41.5 billion in September. He further disclosed that average foreign exchange market turnover at investors and exporters (I&E) window rose to a record $157.4 in the third quarter of 2021. He did not explain what was responsible for the $43.18 million between the second quarter when the turnover was $114.2 million and the Q3.
He told the international community that the launch of the eNaira will improve the conduct of monetary policy in Nigeria, reduce transaction costs and increase financial inclusion in the medium to long term.
He said the quick recovery from the recession was due to targeted interventions in the critical sectors of the economy, monetary and exchange rate policies to stabilize exchange rate, the implementation of the economic sustainability plan, and the nationwide improvement in vaccine administration and coverage.
The CBN governor highlighted the interventions of the apex bank, including creation of a N1 trillion facility in loans to boost local manufacturing and production across critical sectors; establishment of InfraCo PLC; launch of eNaira; N100 billion intervention fund in loans to support pharmaceutical companies and healthcare practitioners and disbursement of N100 billion target credit facility for affected households and small-scale enterprises.
He bragged that “impact of our policy measures helped to prevent larger GDP contractions in 2020, as projected by analysts.”
Emefiele said unfolding developments continue to indicate that the Nigerian economy will achieve strong growth while current inflation trends remain on track towards their desired levels.