Vice President Prof. Yemi Osinbajo, has disclosed that to drive local and foreign investments in the country, the federal government is making plans to review the country’s forex policy.
Speaking at the virtual edition of the 2022 World Economic Forum (WEF), Osinbajo explained that as part of the plan to review Nigeria’s forex policy, value addition and productivity across all chains of the economy would be focused on.
His words: “We recently launched an economic development plan to take us through the next four years, and the key features of the plan are to focus on the private sector and how the private sector must move from just a rhetorical engine of growth to the major factor in growth.
“We are going to be focusing a great deal on value addition and productivity. We are going to be focusing also on ensuring that the private sector is unleashed to be able to do what it is required to do.
“That would involve to a very good extent reviewing foreign exchange policy, ensuring that we allow the market to play a greater role in foreign exchange policy, which we believe would be important for foreign investment and local investment as well.”
Meanwhile, the Central Bank of Nigeria (CBN), in its economic reports, has it that the country recorded forex inflow of $55.5 billion in seven months.
According to the apex bank’s report, the country earned $18.3 billion in the second quarter of 2021, $30.2 billion in the third quarter, and $7 billion in October.