CBN engages private sector to boost Foreign Direct Investment in Nigeria

The Central Bank of Nigeria, CBN, announced its engagement with various private sector executives to boost Foreign Direct Investment (FDI) in Nigeria.

CBN Governor Yemi Cardoso held a roundtable meeting with key private sector heads on Wednesday, April 24th, at the Apex Bank Lagos office to discuss policies surrounding FDI.

The focus of the meeting addresses the need for improved FDI in the country, but only by ensuring policies surrounding FDI, including the landscape, challenges, and opportunities about FDI, as pointed out by representatives present at the meeting.

Also, the meeting aimed to outline opportunities and strategies for bolstering investments in Nigeria’s economy, improving the business environment and contributing to long-term sustainable growth.

However, this announcement comes after the CBN engaged in a press briefing with the International Monetary Fund, IMF, on Sunday, 21st April, to seek further support in ensuring stability and growth of Nigeria’s economy.

One of the many objectives outlined, as the press briefing report shows, includes improving the ease of doing business in Nigeria to consolidating and sustaining the gains through an efficient and transparent market system through technology.

More so, this feat comes after the apex bank achieved relative stability, particularly with the FX market. However, there are still discrepancies surrounding the FX rate and its imbalance with market price in the country.

To ensure a round approach to getting a balanced market position, one fit for the economy, the CBN, on Monday, April 22, 2024, announced in a published circular its decision to sell FX to Bureau de Change operators to meet the market demands.

Central Bank of Nigeria (CBN) Engages with Private Sector to Boost Foreign Direct Investment (FDI) in Nigeria pic.twitter.com/P9fpJtOmWM

— Central Bank of Nigeria (@cenbank) April 27, 2024

Read: Fubara visits fire-gutted scene in Rivers, promises compensation

About The Author

Mayowa Durosinmi

author

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

See author's posts