The Central Bank of Nigeria (CBN), yesterday, said the National Sovereign Investment Authority (NSIA) should be strengthened through more funding in order to establish fiscal buffers that will improve Nigeria’s credit rating.
NSIA earned a net income of N15.8 billion in 2014 financial year, showing an improvement compared with N505 million recorded in 2013 financial year end.
Speaking on “the Impact of External Reserves Position on Capital Flows: The Nigerian Experience,” at a seminar in Calabar, Lamido Yuguda, director, reserve management department, CBN, recommended that the country must develop the requisite infrastructure for the growth of the real sector, adding that security of lives and property must also be among the top priorities of government.
He also recommended that the country must diversify the sources of foreign exchange earning in order to address the dominance of the oil sector.
The CBN believes that the growth of an economy amid a sound financial and political environment attracts foreign investments, bringing with it attendant benefits.
HOPE MOSES-ASHIKE & ONYINYE NWACHUKWU, Calabar
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