The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has urged captains of industries operating in the country to support efforts aimed at growing the Nigerian economy.
Emefiele gave the advice in a virtual meeting with the Chief Executive Officers (CEOs) of conglomerates in Nigeria on Tuesday.
He stated that industrialists had vital roles to play as the country continues with the process of fully reopening its economy following the lockdown over the COVID-19 pandemic.
The CBN governor noted President Muhammadu Buhari’s desire to return Nigeria to the period when the manufacturing and agricultural sectors will form the base of the economy.
While acknowledging the challenge of low crude oil prices to major economies of the world, Emefiele expressed confidence that this would last for a long period.
He declared that Nigeria’s foreign reserves of about 37 billion dollars remained robust, expressing optimism that the low crude oil prices would not have much impact on the country’s economy.
He also urged the conglomerates to key into the current administration’s drive of diversifying the base of the Nigerian economy by taking advantage of its large population to market their products.
The CBN boss pledged the bank’s willingness to provide foreign exchange to companies that require raw materials and machinery that could not be obtained in the country.
Speaking on African Continental Free Trade Area (AfCTFA), billed to commence in January 2021, Emefiele said Nigeria provided the companies with immense opportunities to produce their items and make huge profits through the Nigerian market.
The CBN governor promised the CEOs of the bank’s readiness to collaborate with other fiscal authorities to improve on their ease of doing business in Nigeria, with a view to simplifying their import and export processes.
Addressing the issue of Direct Foreign Investments (FDIs), Emefiele said the apex bank is not opposed to the conglomerates seeking alternative but legitimate sources of foreign exchange to boost their businesses.
He noted that the CBN would not hinder the companies from repatriating their dividends.
He, however, warned that CBN would not support the importation of items that could be produced in the country.
This, he said, is to avoid spending foreign exchange reserves on what would not boost the economy and generate jobs for Nigerians.
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