The Central Bank of Nigeria, CBN, has assured foreign investors of the security of their investments in the country despite the dwindling revenue from the sale of crude oil globally.
A statement issued by the CBN on Sunday in Abuja, CBN Governor, Mr. Godwin Emefiele, was quoted as saying that investors interested in repatriating their funds from the country were guaranteed the safety of their money, notwithstanding the drop in the revenue from crude oil.
He noted that the CBN had put in place measures to ensure an orderly transfer of funds for those that might be interested in doing so.
He said, “The foreign exchange available would be devoted to strategic importation or service obligations that are the priority.
“The CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, is committed to galvanising the manufacturing sector in a bid to reset the economy.”
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 CBN governor, the foreign exchange available would be devoted to strategic importation or service obligations that were priority.
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 COVID-19.
Emefiele said COVID-19 presented Nigeria with an opportunity to reset the economy and as such, there was a need for the country to prepare itself to get the manufacturing sector to work, while the banking sector would support 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 could be produced in the country and consume what was produced in the country.