- Godwin Emefiele, Governor of the Central Bank of Nigeria, was honored in the United States of America.
- During his remarks, Emefiele used the opportunity to push for increased investment in Nigeria and other African countries.
- Emefiele strongly believes that Nigeria abounds with opportunities that investors can profitably tap into
Godwin Emefiele urged investors in Washington to consider investing in Nigeria and other African countries.
Emefiele made the remarks when accepting the EuroKnowledge award at FIN Banking on Emerging Markets Forum.
The event took place on the sidelines of the ongoing IMF and World Bank annual meetings in Washington.
BusinessDay reports that he specifically told investors that confidence was growing in Africa and urged them to consider Nigeria, Angola, South Africa and Egypt for investments because of the huge growth opportunities there. down.
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“Nigeria, Angola, South Africa and Egypt are economies to consider.
“And I dare say that these economies hold many opportunities for high returns and profitable projects and I can only take this opportunity to encourage our friends in the foreign investment community to keep watching Africa. Africa strives for growth and development.
“We cannot do this alone; we will continue to need the support of the rest of the world. But I can assure all of us that if you do that, the opportunities are there and you won’t regret taking those opportunities.”
The CBN Governor further pointed out that the opportunities are there for investors ready to make good returns on their investments.
“I can only continue to say, let’s support Africa, let’s support Nigeria. We must all continue to work together for growth, not just for our individual countries, but for Africa as a whole. “
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Emefiele talks about his prize
Speaking on his award, Emefiele dedicated the award to his CBN colleagues as well as other Nigerians for their support, assuring that the recognition would encourage him to do more.
“When your credentials and everything you’ve done is read out to the public, you start to wonder how you ever managed to do all of this. But what it does is encourage you to do more.”
“When we talk about the challenges we are currently facing, I can tell you that it has not been easy over the past eight and a half years, where we have gone through two recessions – one between 2015 and 2016 and another of short duration one in the second and third quarter of 2021 during the Covid-19 period.
“Usually as a central bank governor you never pray to get through a recession twice, but we got through this with a lot of hard work and the support of our colleagues at CBN, all of our departments. and members of our currency. political meeting. We really want to thank you all.
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“This award is not just for me, it is for all of us who have worked hard over the past eight and a half years to keep Nigeria strong and going.”
Banks release names of customers using fake visas to buy cheap dollars to resell
Meanwhile, as directed by the CBN, ten Nigerian banks have revealed the names of customers buying cheap dollars to resell on the black market presumably.
In a July 2021 circular, the CBN ordered banks to publish the identities of people who engage in such behavior and prevent them from obtaining currency in the future.
The huge gap between the black market and the official rate has further created a market that some unscrupulous Nigerians can take advantage of.