The Central Bank of Nigeria, CBN is set to unveil policy measures that
would protect the economy from the recent decline in price of crude oil.
CBN Governor, Mr Godwin Emefiele disclosed this in Lagos at the
investiture of the Chartered Institute of Bankers of Nigeria, CIBN.
He said, "I am aware that price of crude oil is dropping and that
presents some form of vulnerability to Nigeria. I can assure you that the
fiscal authorities and the monetary authorities are taking actions to ensure
that we take steps that will help Nigeria to withstand the shocks that we see.
A number of actions will be unveiled, in fact some have already been unveiled,
and more will be unveiled by both the monetary and fiscal authorities to ensure
that Nigeria continues to remain strong, healthy to be able to support growth
and development in Nigeria."
Speaking on the theme of the investiture, "Making Nigeria a major
destination for foreign direct investment", Emefiele said that the CBN in
order to encourage both local and foreign investments, is introducing a broad
spectrum of financial instruments to boost sector-specific enterprise areas in
agriculture, SMEs, manufacturing, and oil and gas."
He noted the flow of FDI into Nigeria has changed in the last decade
unlike the situation in the 1990s when the average FDI inflow was $1.5 billion
per annum. This he said is due to "difficult, but necessary, structural
and macroeconomic reforms, which have been implemented in the country since the
return to democratic governance in 1999.
"It is not surprising therefore that Nigeria has become a leading
destination for FDI in Africa. In fact the country has received direct
investment of over $67 billion since the return to democratic governance,"
he said.
He said CBN has contributed to laying the foundation for a vibrant
economy that attracts FDI. This he said has been anchored on promoting policies
that sustain the country's hard-earned macroeconomic stability.
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