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Nigeria working on fresh initiatives to unify exchange rates

Yewande Sadiku
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The Nigerian government is working on other initiatives for a more friendly exchange rate that is market-driven, Yewande Sadiku, executive secretary/CEO of the Nigerian Investment Promotion Commission (NIPC), has said

“The government intention is to make the exchange rate more market-driven, which we are working hard to achieve, “Sadiku said at an event organised by Renaissance Capital, a leading emerging and frontier markets investment bank.

 Charles Robertson, global chief economist at Renaissance Capital who gave a talk on Nigeria’s structural reform and diversification from oil dependency as key to industrialisation said tax collections are currently low and government needs to do tax efforts collections.

 “We do believe that further improvement in the business climate and a strong welcome to foreign investors are necessary for Nigeria to lift the investment rate. With some rapid reforms, a better value currency, accelerating growth – Nigeria could become overweight again,” Robertson said.

Temitope Popoola, CEO, Nigeria Renaissance Capital, commented: “We are delighted to welcome all participating corporates and investors to the 10th edition of our annual conference, particularly those who have traveled from countries outside of Nigeria to be a part of the event.

We expect discussions at this year’s event to be driven by expectations for the new political environment considering the recently concluded elections. Renaissance Capital remains committed to Africa, which is evidenced by our growing share of market and deal pipeline in each of our core regions in the continent, particularly Nigeria.

We successfully priced a debut US$450 million 9.50% five-year Reg S/144A bond offering for Ecobank Transnational Incorporated, a leading Pan-African bank and we are currently involved in several landmark transactions with key clients.”

Renaissance Capital’s Annual Pan-Africa 1:1 Investor Conference in Lagos, Nigeria, is combined with bespoke investor trips to the most exciting investment destinations in West Africa and dedicated site trips on the back of the event. It was preceded by two-day trips to Accra, Ghana and Abuja, Nigeria and followed by a focused investor site visit in Nigeria.

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  1. […] Foreign exchange transaction (spot sales) by the Central Bank of Nigeria (CBN) rose by 62.34 percent to a total of $25.7 billion in 2018 from $15.8 billion in the preceding year. […]

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