At a time the country is battling with foreign exchange-related revenue shortages as a result of the global drop in crude oil sale, foreign investors have been assured of the ease in repatriating their funds.
Governor of the Central Bank of Nigeria, Godwin Emefiele, explained that the bank had put in place policies that would ensure ease of exit for investors with the need to repatriate their investments.
He further noted that the priority of the bank would be to support strategic importation or service obligations with needed forex 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 galvanising the manufacturing sector in a bid to reset the economy,’ the CBN boss said.
While acknowledging that the fiscal authorities have a role to play in confronting the challenges posed by the coronavirus disease, Emefiele also called on the banks, manufacturers playing in the health sector and the larger manufacturing group to work together to mitigate the impact of the pandemic, while also taking the chance to diversify the country’s economy beginning with consuming what the country produces.
He added, “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, Nigeria has no choice but to diversify its economic base.”