WASHINGTON D.C. – The Minister of Finance and Coordinating Minister of the Economy, Mr.
Wale Edun, and the governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, called on foreign investors to invest in the Nigerian economy, saying that with reforms initiated by the Federal Government, confidence has been gradually restored. Cardoso also disclosed that the CBN is a banker to the Nigerian National Petroleum Company Limited (NNPCL), a state-owned oil company in Nigeria, transformed from a corporation into a limited liability company in July 2022, and is the only entity licensed to operate in the country’s petroleum industry, and can buy dollars wherever it can.
Cardoso noted that the Nigerian Inter-Bank Settlement System (NIBSS) would by December launch a Bank Verification Number (BVN) platform for Nigerians in the diaspora. Cardoso and Edun made the disclosure during an interactive session with groups of foreign investors at the ongoing IMF/ World Bank Annual Meetings holding in Washington D.C.
Recall that the International Monetary Fund (IMF) advised Nigeria and other African countries to work towards making their tax systems more efficient, equitable, and progressive. The CBN governor encouraged the investors, who were mostly investment bankers, asset managers, and investors from JP Morgan, Standard Chartered, among other global financial institutions to come and invest in the Nigerian economy, insisting that the coast is cl.
