Investors wishing to repatriate their funds from the country do not have to lose any sleep about their money, the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said.
He assured the investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
Emefiele who spoke in Abuja at the weekend 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.
According to him, the the CBN has put in place policies to ensure an orderly exit for those that might be interested in doing so.
Emefiele however wants the investors to be patient as such repatriations are processed, owing to the bank’s policy of orderly exit of investments.
He said that when the bank was confronted with a similar challenge of declining revenue in 2015 over declining revenue, it ensured that all commitments were settled in an orderly manner.
He said that the apex bank would deploy the foreign exchange available to strategic importation or service obligations that are priority.
Emefiele said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would commit to galvanising the manufacturing sector in a bid to reset the economy and mitigate the impact of the coronavirus pandemic on the Nigerian economy.
He disclosed that the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group in that regard.
The challenge posed by the pandemic, he said, has 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.
