The Central Bank of Nigeria (CBN) has assured foreign investors wishing to repatriate their funds from Nigeria the possibility to do so any time.
CBN Governor Godwin Emefiele at the weekend said they could get their money out of the country “notwithstanding the drop in the revenue from crude oil.”
Emefiele noted that the apex bank had “put in place policies to ensure an orderly exit for those that might be interested in doing so.”
But he urged the investors to be patient “as such repatriations are processed, owing to the CBN’s policy of orderly exit of investments.”
The Governor said the foreign exchange available would be devoted to strategic importation or service obligations that are priority.
Recalling a similar situation that occurred in 2015 over declining revenue, Emefiele said the CBN was able to settle all commitments in an orderly manner.
Speaking on the plans of the Bank to tackle the economic impact of the COVID-19, he said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector to reset the economy.
He said the CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group.
Emefiele described the challenge posed by the pandemic as necessitating that “as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of COVID-19.”
Emefiele said 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 drop in revenue from crude oil sale, the CBN Governor said Nigeria had no choice “but to diversify its economic base.”
He said “the time has come for Nigerians to produce what can be produced in the country and consume what is produced in the country.”