The Central Bank of Nigeria (CBN) says Nigeria is currently meeting with China, International Monetary Fund (IMF) and World Bank on its economic objectives.
Governor of the Central Bank Mr Godwin Emefiele, who is presently attending the IMF/World Bank meetings in Washington DC, disclosed this in an interview with journalists, at the end of plenary session with the World Bank Group President, Jim Yong Kim,
The move is aimed at luring back investors that had been scared off by the drop in oil prices as well as to attract potential investors.
“Basically, there is a lot of networking meetings going on, and I can assure you that meetings are going on with some of our partners, China particularly,” Emefiele said.
“I can assure you that meetings are going on (here in Washington) with some of our partners, China particularly. We are going into a meeting with Chinese delegation. I know that from the meeting to be also held with the Managing Director of IMF as well World Bank Group, we are going to achieve some of our objectives,” he explained.
Emefiele said the decision by the International Monetary Fund (IMF) to include the Chinese currency in its basket of currencies, would impact positively on Nigeria in the long-run.
Commenting on the call by the IMF boss that there was a need to adopt three pronged approach to achieving growth, from monetary, fiscal and structural reforms, Emefiele said: “Basically there is no gainsaying the fact that. That has to be the direction everybody has to go and I think that we are doing that in Nigeria. There is serious coordination and collaboration between the monetary and fiscal authorities, and I believe that if we continue in this direction, we would achieve that objective.
“Well, we have done a couple of reforms, such as the flexible exchange rate regime. It is picking up gradually. When you are in the type of situation that we are in, naturally you find find out that people are a little bit skeptical. But with time, a
“There is serious coordination and collaboration between the monetary and fiscal authorities, and I believe that if we continue in this direction, we would achieve that objective.
On diversifying foreign reserves into Renminbi, Emefiele said: “I believe in the course of time, we would achieve it. Nigeria happens to be one of the foremost countries in the world that adopted the Renminbi as a reserve currency.
“We would work together with China to ensure that we also get our fair share of the benefit from this arrangement.”
Nigeria too big to fail
On her part, Kemi Adeosun, minister of finance, said: “If we can invest in critical infrastructure, we can improve productivity, create jobs and that would be very comforting for our people. Nigeria is too big to fail.
“We are too significant in the region to under-perform. So, what we are trying to do is to reset the Nigerian story so that we can grow. To grow, we need to have the enabling infrastructure.
“We need to have power and we have gotten some commitments. We also need to improve transport, rail, housing. We are really confident that we would get back to growth.”