Naira Reforms Offer Investors an Opportunity, Nigeria Central Bank Chief Says
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the recent reforms aimed at unifying the exchange rate and making the naira more competitive present a significant opportunity for investors. Speaking at the just concluded Nigerian Economic Summit Group annual gathering in Abuja, Governor Cardoso emphasized that these policy measures, coupled with the removal of fuel subsidies, are creating a more attractive environment for foreign direct investment.
“The naira’s real exchange rate is at its most competitive in at least 20 years,” Governor Cardoso told the audience. “This, combined with the ongoing reforms, presents a great opportunity for the private sector to expand its operations and contribute to the nation’s economic growth.”
The CBN governor also highlighted the potential benefits of a weaker naira for non-oil exports, stating that it could boost competitiveness in global markets. He urged investors to take advantage of this favorable environment and explore opportunities in sectors such as agriculture, manufacturing, and technology.
While acknowledging the challenges associated with economic reforms, Governor Cardoso expressed confidence that the long-term benefits would outweigh the short-term difficulties. He emphasized the importance of sustained policy implementation and a collaborative approach between the government and the private sector to fully realize the potential of these reforms.
The Nigerian Economic Summit Group, a coalition of private sector leaders, welcomed the CBN governor’s remarks and pledged its support for the ongoing reforms. The group emphasized the need for continued dialogue and collaboration between the government and the private sector to ensure the successful implementation of these policies.
The reforms have been met with mixed reactions
from the public, with some expressing concerns about the potential impact on the cost of living. However, the CBN governor remains optimistic about the long-term benefits of these measures, stating that they are essential for creating a more sustainable and competitive ec
onomy.
