Deputy Governor, CBN, Kingsley Moghalu
The Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu, has said with the reforms that had taken place in the Nigerian economy, the country is well positioned to attract investment, particularly from the United States of America.
According to a statement at the weekend, the deputy governor made this remark at a recent forum at the Wharton School of Business, Philadelphia, United States of America. Moghalu said that opportunities abound to invest in Nigeria’s education, health, manufacturing and agriculture sectors.
While alluding to the Small and Medium Enterprises Credit Guarantee Scheme (SMECGS), Nigerian Incentive – based Risk Sharing System for Agricultural Lending (NIRSAL), Commercial Agricultural Credit Scheme (CACS) and other initiatives aimed at stimulating growth in the economy, he said: “There are lots of opportunities, but these opportunities are held back by issues of access to finance – and that is why the CBN has stepped in very strongly to support small businesses through a number of interventions in the areas of agriculture and credit guarantees and so, the process is improving.”
Moghalu conceded that shortage of electrical power supply, lack of modern transportation system and other infrastructural deficit could have added to the cost of doing business in Nigeria, but he said these are being addressed by the reforms in other sectors of the economy.
He also stated that the country remained a viable market for entrepreneurs, and reminded participant at the forum: “Nigeria has a huge market of 160 million people, and there is a growing middle class, and so there is a strong opportunity to invest in Africa and Nigeria.”
In his welcome address, the chairman of the Mayor’s Commission on African and Caribbean Immigrant Affairs, Dr Stanley Straughter, was said to have observed that the American and Nigerian economies were intertwined.
“Between 5,000 and 10,000 primary and secondary jobs would be lost (in Philadelphia) was it not for its crude oil – and so Africa is an important partner in the economy of Philadelphia and the surrounding areas.”
Straughter added: “Nigeria is on the path to becoming one of the top economies in the world and we have a first hand to actually be a witness to the historic event on the continent of Africa, in terms of its growth and it is being led by Nigeria and, of course, South Africa.”