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Nigerian govt promises easy fund repatriation for investors

Published

1 year ago

December 17, 2023

Bola Tinubu, the President of Nigeria, has reassured foreign investors that repatriating funds would be simpler, in line with the Federal Government’s stepped-up efforts to draw in more businesses.

Tinubu made the assurance while accepting Letters of Credence from Lorand Endreffy (Hungary’s Ambassador), Christophe Bazivamo (Rwanda’s High Commissioner), and Ivan Kholostenko (Ukraine’s Ambassador) at the State House on Saturday.

“We are one family on the continent. We will continue to promote democracy and good governance. I will maintain an open-door policy, and the Minister of Foreign Affairs and the Chief of Staff are also available.

“For the avoidance of doubt, we are already working on the issues of double taxation, and it will be properly streamlined to favour business growth. Nigeria is home and a haven for investors,” the president affirmed.

The Nigerian leader gave the Rwandan High Commissioner assurances that measures were being taken to address issues pertaining to embezzled funds, promising quick processing in order to facilitate their timely release. The Rwandan High Commissioner, for his part, stated that he was prepared to forge closer bilateral relations with Nigeria, pointing to plans to introduce new visa regulations and promote trade agreements.

Furthermore, President Tinubu pushed the Hungarian Ambassador to aggressively pursue opportunities for cooperation, with an emphasis on cultivating alliances in the fields of agriculture and food security. The president is also eager to investigate Hungary’s technological know-how for shared advantage.

“Thank you so much for taking care of our students, who are in your country. We are a very big country with huge potential to sustainably spur economic growth”, he said.

Nigeria had restricted access to foreign currency for imports and for investors seeking to repatriate their profits due to a shortage of dollars.

Nigeria gets about 90% of its foreign exchange from oil but is struggling to produce due to pipeline theft and years of under-investment.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

11 hours ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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Tanzania tells IMF economy projected to grow by 6% in 2025

Published

12 hours ago

December 20, 2024

Ifeoluwa Dada

Tanzania’s economy is expected to grow by about 6% in 2025 from an estimated 5.4% growth in 2024, its finance minister and central bank governor said in a letter to the International Monetary Fund (IMF).

Some of the potential risks to the performance in the near term would include intensification of regional conflicts, increased commodity price volatility, a global economic slowdown and natural disasters related to climate change, Finance Minister, Mwigulu Nchemba, and Central Bank Governor, Emmanuel Tutuba, said.

Real GDP increased by 5.3% in 2023 from 4.7% in 2022, propelled by private investments on the demand side and manufacturing, construction, and agriculture on the supply side.

Strict monetary policy and moderate food and energy prices contributed to the decline in inflation from 4.3% in 2022 to 3.8% in 2023. In 2023, the Tanzanian shilling lost 8% of its value due to a lack of foreign exchange.