As Nigeria continues the process of full reopening of its economy due to the lockdown over COVID-19, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged conglomerates operating in the country to support efforts aimed at growing the Nigerian economy and returning it to its glory days.
The Governor also warned that the CBN would not support the importation of items that could be produced in Nigeria because the Bank could not spend its foreign exchange reserves on what would not boost the economy and generate jobs for Nigerians.
Speaking at the weekend during a virtual meeting with Chief Executive Officers (CEOs) of conglomerates in Nigeria, Mr. Emefiele said the CBN, in line with President Muhammadu Buhari’s desire, was determined to return the Nigerian economy to the period when the manufacturing and agricultural sectors formed the base of the economy.
The Governor, while acknowledging the challenge of low crude oil prices to major economies of the world, expressed confidence that the price of crude would not remain at low levels for a long period.
He declared that Nigeria’s foreign reserves of about $37Billion remained robust to support the economy.
He therefore enjoined 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, which he insisted could be produced in Nigeria and exported to the rest of the world.
He also pledged the Bank’s willingness to provide foreign exchange to companies that required such for raw materials and machinery that could not be obtained in Nigeria.
Similarly, he assured the CEOs of the Bank’s willingness 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.