THE Central Bank of Nigeria, CBN, says the country must develop a requisite infrastructure for the growth of the real sector to attract stable and less speculative investments to the country.
Director of Reserves Management, CBN, Alhaji Lamido Yuguda said this at the just concluded CBN’s 20th seminar for finance correspondents and business editors in Calabar.
Yuguda said coming up with such requisite attractive incentives, including building of infrastructure, would help boost the revenue for the nation’s external reserves
He said that government could ensure that lives and properties must be among its top priorities.
He added that an economy must possess strong economic fundamentals, saying the nation’s source of foreign exchange earnings should be diversified to address the dominance of the oil sector.
The CBN director said that National Sovereign Investment Authority, NSIA, should also be strengthened through more funding to establish fiscal buffer that would improve Nigeria’s credit rating.
Yuguda said that there had been misconceptions about the external reserves, stressing that they were owned by the federal government, federation and the CBN.
He added that the bulk of the external reserves belonged to the CBN because the bank monetised government foreign earnings at its request by buying the forex and paying naira value to fund its budgetary provision.
According to him, the growth of economy amidst a sound financial and political

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