Nigeria’s apex bank chief seeks support to boost economy amid COVID-19

Nigerian Economy

Nigeria’s apex bank chief Godwin Emefiele on Tuesday called on industrial conglomerates operating in the country to support efforts aimed at growing the country’s economy.

Emefiele made the call in a virtual meeting with the chief executive officers of conglomerates in Nigeria.

He said as the country continued the process of the full reopening of its economy following the lockdown over COVID-19, the industrialists had vital roles to play, adding that President Muhammadu Buhari’s desire was to return Nigeria to the period when the manufacturing and agricultural sectors formed the base of the economy.

Emefiele, while acknowledging the challenge of low crude oil prices to major economies of the world, expressed his confidence that it would not remain at low levels for a long period.

He added that the low crude oil prices were surmountable, as he declared that Nigeria’s foreign reserves of about 37 billion U.S. dollars remained robust to support the economy.

He also pledged the bank’s willingness to provide foreign exchange to companies that require raw materials and machinery that can not be obtained in the country. Enditem

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