See What CBN Has Done To Attract More Foreign Investors
Nigeria needs foreign investors badly.
It needs it even more to sustain the small growth that pushed its economy out of recession recently.
The oil-rich nation is taking some steps to ensure that more foreign investments come in.
One of the steps was announced by the Central Bank of Nigeria, CBN, on Monday.
It said it would start issuing electronic certificates to investors to make it easier for them to take their profits.
The new certificate will replace a hard copy now issued when foreign investors make investment, according to a circular from the CBN.
CBN said, “the move would enhance transparency and efficient processing of foreign investment”.
Also Read: How CBN Will Help You Own A House
Investors or companies are required by a 1995 law to get certificates within 24 hours, declaring they have invested foreign currency in Nigeria.
They must have the certificates to repatriate returns on those investments [send profit back to their country].
Under the old rule, bankers say investors struggled to meet the one-day deadline to get the certificates.
Foreign investors fled the country when oil prices dropped 3 years ago. They have started to return, thanks to improved transparency on exchange rates, and the central bank is trying to attract more investments.