The Central Bank of Nigeria (CBN) on Wednesday unfolded a plan to revamp the nation’s ailing manufacturing sector through the provision of “single-digit credit facilities.”
It also said with private refineries coming on board soon, the pump prices of Premium Motor Spirit (Petrol) will become competitive and affordable.
CBN Governor Godwin Emefiele, who stated this at the Nigeria International Partnership Forum in Paris, France, also said the nation’s reserves are growing positively.
He, therefore, appealed to foreign investors to come to Nigeria for greater returns on their investments.
His words: “We want to ensure that the manufacturing sector can access capital at a single-digit rate of not more than nine percent.
“It should be easy for you (investors in manufacturing) to access credit at single digit with two years moratorium.
Emefiele, who restated the government’s decision to end subsidy payments on petroleum products, added that the nation’s economy has been on a fast recovery path with a rebound in crude oil price.
Emefiele said: “Aliko Dangote’s $17.5 billion refinery will produce 650,000 bpd and my brother Abdulsamad Rabiu(BUA) 350,000 bpd. We believe prices of petrol can be more competitive and affordable and we will soon be exiting fuel subsidy.
“What remains our focus? The mantra has been why should we be importing what we can produce? We are encouraging industries, we are making plans on granting of credit to these industries.”
The CBN governor also pointed out that ” inflation rate has dropped from over 18 per cent to 14.1 per cent.
He added that “as we see a further rebound in crude prices, the rate might still drop.”
Emefiele also explained that the CBN has started a programme where investors could repatriate their profits easily with properly documented FDI..
He said: “Africa holds the best frontier for opportunities and economic development in the world. And you will have no choice than to look at Nigeria which has the largest economy on the continent.
“Nigeria is truly open, come to Nigeria. Join the race to develop Nigeria and by extension, Africa.”
Minister of State for Petroleum Resources, Mr. Timiprye Sylva also said at the event that Nigeria is targeting oil production of 4.4million barrels per day. Daily oil production in Nigeria hovers around 2 million barrels.
Sylva said with the stability in the Niger Delta and the Petroleum Industry Act, Nigeria has a brighter future for the Oil and Gas sector. .
The minister said: “The PIA is a brand new opportunity. Our target is to increase our production to about 4milion barrels per day. We are currently at about 2million bpd.