In a time when the country is battling forex-related revenue shortages as a result of the global drop in crude oil sales, foreign investors have been assured of the ease in repatriating their funds.
The investors’ confidence was boosted by no other person than the Governor of the Central Bank of Nigeria, Godwin Emefiele, in a statement in which he explained that the apex bank had put in place policies that will ensure ease of exit for investors with the need to repatriate their investments.
He further noted that the priority of the CBN would be to support strategic importation or service obligations with needed foreign exchange in a bid to revamp the economy.
“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 galvanizing the manufacturing sector in a bid to reset the economy,” the CBN boss said.
While acknowledging the fiscal and monetary authorities have a role to play in confronting the challenges posed by the coronavirus pandemic, Emefiele called on banks, manufacturers playing in the health sector and the larger manufacturing group to work together to mitigate the impact of the pandemic.
He added, “The 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 supports the economy.
“With the revenue drop from crude, Nigeria has no choice but to diversify its economic base.”