Home Business Nigeria’s apex bank guarantees security of investments in Nigeria
BusinessNews

Nigeria’s apex bank guarantees security of investments in Nigeria

Share
CBN logo
Share

The governor of the Central Bank of Nigeria (CBN) which is Nigeria’s apex bank, Mr. Godwin Emefiele, has said that despite Nigeria’s dwindling revenue from the sale of crude oil globally, security of investments in the country is completely guaranteed.

Speaking recently in Abuja, Mr. Emefiele said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil, stressing that the Bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

He, however, urged investors to be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.

CBN Governor, Godwin Emefiele

Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said that the CBN was able to settle all commitments in an orderly manner.

According to the governor, the foreign exchange (Forex) available would be devoted to strategic importion or service obligations that are priority.

Speaking on the plans of the Bank in tackling the economic impact of the COVID-19, he said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

While disclosing that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group, he said the challenge posed by the pandemic necessitated that, as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.

Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

With the revenue drop from crude, the CBN governor said Nigeria had no choice but to diversify its economic base. He said the time had come for Nigerians to produce what can be produced in the country and consume what is produced in the country.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

How not to deprive yourself of scriptural benefits

By Chioma Obinagwam Everything about our lives is scripture driven and everything about the Christian religion is scripture propelled. Those were the submissions...

In eight photos, NLNG celebrates ‘The Future’, unveils new logo

NLNG celebrates The Future. It said: "We are celebrating 35 years of incorporation as a company, 25 years of exceptional operations, and 20...

Related Articles

How not to deprive yourself of scriptural benefits

By Chioma Obinagwam Everything about our lives is scripture driven and everything...

In eight photos, NLNG celebrates ‘The Future’, unveils new logo

NLNG celebrates The Future. It said: "We are celebrating 35 years of...

How Africa’s abundant gas reserves offer immediate solutions to prevailing problems

Africa has abundant gas reserves, and these rich reserves offer immediate solutions...

Safety net: NDIC reaffirms commitment to reinforcing confidence in financial system

By Chioma Obinagwam The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its...

Advertisements