CBN Woos Foreign Investors as Emefiele Bags Forbes Best of Africa Banking Award

Posted by African Examiner Featured, Latest Headlines, News Friday, October 13th, 2017

Photo: Governor Central Bank of Nigeria (CBN), Mr. Godwin Emefiele in the middle holding the Forbes Award

By Oludare Sunday Fase, Washington, DC

(AFRICAN EXAMINER) – The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has received the Forbes Best of Africa Innovative Banking Award at the sideline of the 2017 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF).

African Examiner reports that the award is in recognition of Mr Emefiele’s achievements and outstanding monetary and economic policies at the apex bank.

While receiving the award, the CBN Governor commended Nigerians for their patience when the economy was going through difficult times as President Buhari’s administration through the apex bank implemented reforms that geared the economy out of recession.

He said: “We thank Nigerians for standing with us, we know that we’ve managed to exit the recession with a fragile growth of 0.5%, we’ve seen inflation continue to trend downwards, we’ve seen exchange rate and reserves looking firmer and stronger, but I think we are determined to continue to push further to see to it that Nigeria returns to its historic growth path. 0.5% or 1% is not the historical growth path for Nigeria, Nigeria is a country that must grow at a rate that is at least twice population growth rate, that is at least 6% – 7% percent and until we achieve that we are not going to rest on our oars”

“I am happy that today we are where we are but I think we must also thank our friends who have shown a lot of confidence in us, our foreign investors community have been very supportive. We took some decisions that they didn’t like but I’m happy that this time we’ve now taken one that really excites them, that is the opening of the investors’ window which has been particularly interesting to them and I must say that in 6 months we have seen close to about $10 billion in inflows into Nigeria as a result of that window.

“Nigeria has a lot of potentials, the climate is good, the environment is good, Nigerians are hospitable people and that’s why we boldly say that Nigeria is good for business. There are few countries today that you will visit and say you want to invest in, but the returns are not as high as it is in Nigeria. We want to invite you and that for me is the message here today. Come to Nigeria.

“With some of the policies we have put in place we are optimistic that inflation will surely come down to the levels we have always known Nigeria for in the past.”

The award ceremony hosted by Per Second News, a US based online publishing outfit, was attended by Acting Nigerian Ambassador to the United States of America, Amb. Hassan Hassan; Deputy Governor, Economic Policy, CBN, Dr. Okwu Nnanna; the President and CEO of Corporate Council on Africa, FlorieLiser; former Ambassador of the US to Nigeria, Amb. Robin Sanders; Chief Economic Adviser to the President, Dr. Oluyemi Dipeolu; CEOs of some Nigerian Deposit Money Banks, Chief Executives of the West African Monetary Institute (WAMI), the West African Institute for Financial and Economic Management (WAIFEM), Asset Management Corporation of Nigeria and members of the foreign investment community.