Nigeria Is Left With No Option Than To Diversify It’s Economy To Production Base And To Curtail Frivolous Importation – CBN Gov. Emefiele

Mr. Godwin Emefiele CON, the Governor, Central Bank of Nigeria (CBN) has promised that Nigeria will continue to meet matured financial obligations to foreign investors and her international trading partners.

Disclosing this during a meeting with members of the German Business Delegation at the CBN Head office on Wednesday, February 11, 2016. Emefiele reminded the visitors that Nigeria has been going through economic crisis, due mainly to shocks arising from failing global oil prices resulting to severe shortfall in foreign exchange revenue.

CBN Governor told the visitors that given the development, the Nigeria is left with no option than to diversify it’s economy to production base and to curtail frivolous importation. Emefiele craved for the understanding of the German team regarding the policies put in place in order to conserve foreign exchange and assured them of CBN’s effort to meet their demands within the available forex resources.

Earlier in his presentation, Vice Minister and Member of Parliament, Mr Uwe Beckmeyer of German Federal Ministry for Economic Affairs and Energy, the leader of the visiting team, said that the essence of the visit was to familiarize themselves with developments in the Nigeria’s financial sector and to devise means of articulating business relationship between the German business firms and the their Nigerian counterparts.

Mr. Beckmeyer reiterated that members of his team with interest in such areas as power generation, light machines for Small and Medium Enterprises were having some challenges in sourcing inputs for their production as well as the issue of double taxation. He pleaded that German companies doing business in Nigeria would appreciate to be assured of the certainty in areas of currency control as it affects profit remittances.

Other members of the German Business Delegation were Mr. Martin Andrae of Voith Hydro Holding GmbH & Co. KG, Mr. Guenther Mull, CEO of Dermalog Identification Systems GmbH among others.

Deputy Governors, Economic Policy, Corporate Services, and Financial System Stability, Dr. (Mrs) Sarah Alade, Mr. Adebayo Adelabu and Dr. Okwu J. Nnanna respectively and other CBN executives were all present with the CBN Governor to receive to guest.

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