Nigeria is ready for business, CBN tells foreign investors

In an effort to increase foreign investments in the economy, the Central Bank of Nigeria (CBN) told global investors that Nigeria is ready for business.

This was disclosed by the Governor, Godwin Emefiele at the France-Nigeria Security and Economic Summit held in Paris, France.

The Nigerian economy has recovered after two quarters of decline, and the governor of the apex bank attributed the recovery to targeted interventions in critical sectors of the economy, vaccine administration, and a slew of other policies.

What the CBN governor said 

Godwin Emefiele said, “Nigeria, as a leader in Africa, is ready for business. So we invite you, our foreign brethren in the investor community to come over to Nigeria.

“Let me also add that the CBN will continue to monitor progress and respond promptly and flexibly to support economic recovery from COVID.

“We will closely watch economic and financial conditions, and we will use our monetary policy tools to respond as appropriate to pursue our mandate of price and financial stability.”

The CBN governor noted that the economy grew by 0.11 percent in the fourth quarter of 2020, up from -3.62 percent in the third quarter.

He pointed out that the non-oil and services sectors were the main drivers of growth in the fourth quarter, stating that confidence in the Nigerian business environment is growing due to sustained policy interventions in the economy and overall business confidence index is projected at 37.7 index points in November 2021 and 57.6 index points by mid-2022.