By Ochiaka Ugwu
Nigeria remains one of Africa’s most promising investment destinations with a large consumer base youth and skill workforce with abundant natural resources, the Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso has said.
Cardoso who made this known Wednesday in Abuja at the Presidential Enabling Business Environment Council (PEBEC) second Existing Foreign Direct Investors Roundtable and Regulators’ Forum and Launch of Nigeria’s Regulatory Impact Analysis Framework said Central Bank recognizes investors’ critical role in driving economic growth, creating jobs and fostering innovation.
He said that CBN Policies were tailored to ensure micro economic stability, strengthen financial sector and create a conducive environment for both local and foreign investors.
Continuing, he said that CBN had remained unwavering in its dedication to maintaining a stable macro-economic environment that supports sustainable growth and attracts investment.
He said the apex bank had addressed inflationary pressures through prioritizing inflation control through strategic monitoring tightening which provides series of deliberate adjustment to the Monetary Policy Rate (MPR) that increased progressively from 18.5% in February 2024 to 27.5% as of November 2024.
Also speaking, Director General of PEBEC, Princess Zahra Mustapha Audu who presented PEBEC Survey Report said that Regulatory policy uncertainty was the top issue for many companies followed closely by infrastructural challenges and security.
She also noted that Regulatory and Policy uncertainty were low hanging fruits that were in the control of government and can be fixed with the right focus on simplification and harmonization of policies.
She informed that though, corruption was in bottom three in the report, but should not be ignored, stating that there was a clear view to the government on what the pain point were for immediate intervention.
Audu revealed that that SMEs dominate the business landscape in terms of employment based on the survey responses with over half being small enterprises.
She said the survey showed that mining, agriculture, Information Communications Technology, power, renewable energy were the sectors that have high growth potential.
She informed that majority of companies plan to expend operations in Nigeria, indicating positive business outlook despite current challenges.
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