The newly appointed Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasized the CBN’s commitment to combat inflation under his leadership. He expressed a desire for their policies to have a positive impact on people’s lives.
This announcement came as Mr. Cardoso welcomed the Impact Investing Community, led by Muhammadu Sanusi II, the 14th Emir of Kano and former CBN governor. Sanusi shared concerns about inflation’s impact on individuals’ wealth and urged the new CBN leadership to address this issue diligently.
Mr. Cardoso also expressed gratitude to the Impact Investing Community, recognizing its potential to transform Nigeria’s economy through investment opportunities across the country. He pledged to focus on the core mandate of price stability and collaborate with the community to encourage investments for economic growth.
Khalifa Sanusi emphasized the importance of long-term planning and urged fiscal authorities to focus on agriculture and education, particularly for the girl-child. He pledged continued support for the CBN and the Impact Investing Community in achieving their goals.
Mrs. Ibukun Awosika, Chair of Impact Investing, reiterated their willingness to support the CBN and the government in changing Nigeria’s investment climate. She highlighted the significant global investment funds available and the importance of social investment, seeking the CBN’s support in achieving their goals.
Dr. Bala Bello, Deputy Governor in charge of Corporate Services, emphasized the global shift towards social investment and the importance of collaboration and effective communication in addressing current challenges.
In a related development, Dangote Industries Limited confirmed its commitment to Nigeria and Africa by repatriating substantial funds for its pan-African operations. Dangote Industries disclosed that it has repatriated over $576,008,672.41 through various banks in Nigeria and saved an additional $111,968,109.38 through a cash swap arrangement with Ethiopian Airlines.
The company accused BUA Group of disseminating fake news about its foreign exchange transactions, asserting the legitimacy of its investments in Nigeria and Africa. Dangote stressed that all forex purchased for its African Project Expansion was utilized as intended, with visible projects and commissioning events attesting to their proper use.
Dangote’s substantial investments in Africa are expected to lead to further forex repatriation and bolster foreign exchange earnings in Nigeria, contributing to the stabilization of the forex market. The company remains committed to its investments and calls for transparency in investigating its past FX transactions.
