The Governor of the Central bank of Nigeria, Godwin Emefiele has described the economic situation presented by the COVID-19 pandemic as an opportunity for Nigeria to reset the Economy.
Emefiele said this over the weekend while speaking on the plans of the Apex Bank to tackle the economic impact of the COVID-19
The revenue inflow into Nigeria is now shrunken beyond envisaged as price of crude oil dropped abruptly in the international market. Global Oil demand had fallen with oil consuming economies shut down at the wake of the COVID-19 attack
Godwin Emefiele recognized this as another opportunity for Nigeria to wake up to the reality that dependence on oil revenue alone sets the country on precarious edge and thus the dare need to diversify revenue base for the country.
He 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.”
He said that the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to stimulating the manufacturing sector to reset the economy.
The call to shift reliance from oil and explore other source of economic strength has continued to re-echo especially when we find ourselves in this kind of situation, even which led to the last economic recession.
With the current impact, CBN Governor said Nigeria had no choice “but to diversify its economic base.”
He added that “the time has come for Nigerians to produce what can be produced in the country and consume what is produced in the country.”
Speaking on funds repatriation by foreign investors, CBN Governor said Foreign Investors wishing to repatriate their funds from Nigeria can safely do so.
He said that CBN 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.”