Nigeria’s foreign reserves adequate to support economy, says Emefiele

Nigeria’s foreign reserves adequate to support economy, says Emefiele

- The Nigerian public has been assured that the country's foreign reserves will boost the economy

- The assurance was given by the Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele

- Emiefiele also expressed confidence that the price of crude will not remain at low levels for a long period

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Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele, has assured citizens that Nigeria’s $37billion current foreign reserves is “robust to support the economy.”

Emefiele gave the assurance during a virtual meeting held at the weekend with Chief Executive Officers (CEOs) of conglomerates in the country.

The apex bank governor, who spoke against the backdrop of a recent decline in the foreign reserves, pledged the apex bank’s “willingness to provide foreign exchange to companies that required such for raw materials and machinery that could not be obtained in Nigeria.”

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Nigeria’s foreign reserves adequate to support economy, says Emefiele

Emefiele says Nigeria’s foreign reserves is adequate enough to support the economy. Photo credit: Aso Rock
Source: Twitter

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He also assured the business managers of the commitment of the CBN to return the nation’s economy to the era when manufacturing and agricultural sectors accounted for larger contributions to the country's Gross Domestic Product, GDP.

He charged them to “support efforts aimed at growing the Nigerian economy and returning it to its glory days,” as Nigeria continues the process of the full reopening of its economy.

The governor also warned that the CBN would not support the importation of items that can be produced in Nigeria because the apex bank cannot be spending the foreign exchange reserves on what would not boost the economy and generate jobs.

While acknowledging the challenge of low crude oil prices to major economies of the world, including that of Nigeria, Emiefiele expressed confidence that the price of crude will not remain at low levels for a long period.

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He, therefore, urged chieftains of the conglomerates to key into the current administration’s drive of diversifying the economy by taking advantage of its large population to market their products, which he noted could be produced in Nigeria and exported to the rest of the world.

He said with the African Continental Free Trade Area (AfCTFA) now billed to commence in January 2021, Nigeria offered the companies opportunities to produce their items and make huge profits through the Nigerian market.

He also assured the companies that the apex bank would collaborate with all relevant government agencies to help tackle smuggling and promised protection for their businesses to ensure they succeed.

Recall that the Nigerian government says it is planning to inject about N2trillion stimulus into the economy in response to the COVID-19 pandemic and the fall in oil prices.

This was revealed by the minister of state for budget and national planning, Prince Clem Agba on Tuesday, May 5 at a webinar.

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