The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has been asked to stabilise the economy in order increase income and investment.
The advice came on the heels of dwindling fortunes of the real sector and the increase in the quantity of dollar in circulation with its attendant pressure on the nation’s currency.
Industry expert and chartered accountant, Mr. Remi Oyekola, gave the advice in Lagos during a news conference to announce the proposed launching of his book entitled, “Investing in Nigeria.”
Published by Frantivic and Associates, the book provides some information on the country for prospective investors.
Oyekola said the manner the dollar was being found in every part of the country was not good for economy, noting that the CBN must continue to find means to mitigate this.
“The CBN needs to address the currency inflation in the country. People are spending dollars in the country. As you travel to major cities in the country you will find some set of people openly transacting in dollars. Can this happen in other countries? Where do they get the dollars?” he queried.
Oyekola, who advised the Federal Government to create more employment opportunities, said something must be done to provide fund for the real sector, which he said had been starved of fund.
“The CBN needs to take a look at Britain and the United States, especially as to how they were able to retain the value of their currencies for many years. Here, it is difficult because we don’t produce; we only consume.
“In Abuja, they no longer spend our national currency again – they spend dollars. These activities put our currency under threat because the value of the naira is determined by your need for dollars.”
The author, however, said the book became necessary against the backdrop of the dearth of information on investment opportunities in the country.
“You hardly see any book on investment opportunities in Nigeria, which can give prospective investors a guide and some information overview.”
Punch
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