The Central Bank of Nigeria (CBN) has assured foreign investors that repatriating their funds from the country is secured despite forex related revenue shortages due to the drop from the sale of crude oil globally. This was disclosed by the Governor, CBN, Godwin Emefiele in a statement issued by the apex bank and seen by Nairametrics.
In the statement, Emefiele explained that the apex bank had put in place policies to ensure an orderly exit for those that might be interested in doing so and also urged investors to be patient as such repatriations are processed, owing to the Bank’s policy of orderly exit of investments.
He said, “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.”
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On its meetings with banks, manufacturers in the health sector and the larger manufacturing group, Emefiele explained that the challenge posed by the pandemic necessitated that, as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.
“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,” he added.
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According to the CBN boss, the time had come for Nigerians to produce what can be produced in the country and consume what is produced in the country.