The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has asked foreign investors to consider investing in Nigeria, noting that business confidence in the country is on the rise.
Emefiele said this during France-Nigeria’s Security and Economic Summit held in Paris, France.
He said, “Confidence in the Nigerian business environment is growing due to sustained policy interventions in the economy.
“Overall business confidence index is projected at 37.7 index points in November 2021 and 57.6 index points by mid-2022.
“In summary, let me say that 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.”
He noted that the Nigerian economy bounced back after two quarters of contraction, adding that the economy witnessed growth of 0.11% in the fourth quarter of 2020 from -3.62% in the third quarter of 2020.
He noted that the non-oil and services sectors were the major contributors to growth in the fourth quarter.
He added that “the quick recovery from the recession was due to targeted interventions in the critical sectors of the economy, monetary and exchange rate policies to stabilise exchange rate, the implementation of the Economic Sustainability Plan, and the nationwide improvement in vaccine administration and coverage.”