Foreign investors’ perception based on local reports —Emefiele

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that foreign investors form their perception about the economy based on local  reports coming out from journalists.

He therefore called on financial and business correspondents to endeavor to report the Nigerian economy in positive light.

Mr. Emefiele said this in a keynote remark presented on his behalf by the Director, Monetary Policy Department, Mr. Moses Tule at the 22nd edition of the Finance Correspondents and Business Editors Seminar, which is taking  place at Abakaliki, Ebonyi State, from September 28 to 30, 2016.

He also noted that efforts of the Central Bank transcend its core mandate of monetary and price stability, but involves developmental activities to stimulate growth. According to him, the developmental initiatives become necessary given that “ours is a developing economy with inherent development challenges and foreign investors form their perception about the economy based on local reports, hence the need to be cautious of this.”

Furthermore, Mr, Emefiele reminded participants that this informed why the Bank devote critical resources by way of intervention in the N220 billion Agriculture, Micro, small and Medium Enterprises (MSMEs) and in the area of infrastructure.

These interventions include: the Agricultural Credit Guarantee Scheme Fund (ACGSF), Commercial Agricultural Credit Scheme (CACS),  among others.

Emefiele however, explained that these interventions do not intend to crowd out financial institutions in credit delivery, but rather as incentives to propel lending at reasonable rates to the real sector.

Also in an opening remark at the occasion, the acting Director, Corporate Communications Department, Mr. Isaac Okorafor extolled the patriotism of the financial media in their reportage.

In her presentation, a university don Dr. (Mrs) Grace Evbuomwam, from the Department of Banking and Finance at Covenant University, Ota said that one of the problems facing agriculture as a non-oil sector in Nigeria is the low level of development of the agricultural value chain.

According to her, Nigeria has no business in importing foods and should try to protect local producers against foreign competition.

Government she added,  should fix infrastructure to be able to assist agriculture, adding that the country also needs more investment in seedlings so as to have improved yields.

Earlier in her welcoming remarks, the Branch Controller, CBN Branch Asaba, urged participants to feel free to explore the Eboyi State environ and their various tourist potentials and delicacies.

Dignitaries present at the occasion include the Ebonyi State Commissioner for Justice and Attorney General, Hon. Augustine Nwankwagu and other CBN executives.