The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
Speaking at the weekend 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.
He noted 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.
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 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 galvanising 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.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Lagos Will Not Hesitate To Review Easing Of Lockdown If… ― Sanwo-Olu
Lagos State governor, Mr Babajide Sanwo-Olu, on Saturday warned that the state government will not hesitate to review the terms of easing of lockdown currently in operation if it continues to see evidence that Lagosians are determined to flout the rules… Read full story
Agency Arrests LG Chairman For Allegedly Sharing Palliatives To Police, DSS, Others
Kano State Public Complaints and Anti-Corruption (PCAC) has arrested Kumbotso Local Government Council Chairman, Alhaji Kabiru Ado Panshekara over alleged abuse of power in the distribution of government palliatives in his local government… Read full story
Journalist Tests Positive For COVID-19 In Bauchi
A journalist working in Bauchi State has tested positive for the novel coronavirus, the state’s deputy governor, Mr Baba Tela, announced on Saturday. Tela, who is also the chairman of the Bauchi State Task Force on COVID-19 and Lassa fever, made the announcement at a news conference at Government House in Bauchi… Read full story
Yoruba, Biafra UNPO Membership: Risk Of Nigeria Breaking Up Now Higher
Concerns over the risk of Nigeria breaking up with some ethnic nationalities pulling out of the union appear to have been heightened with the admission of the Yoruba and Igbo nations into the Unrepresented Nations and Peoples Organisation (UNPO)… Read full story