Non-oil revenue to double this year, says CBN

. ‘Investors need not panic over stakes in capital market’

THE nation’s non-oil contribution to the country’s current account would double this year, against the level achieved last year, under the government’s current economic diversification agenda.

  This projection was given yesterday by the Governor of Central Bank of Nigeria, (CBN), ,  Godwin Emefiele,   yesterday, during a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos, where he urged both local and foreign investors to sustain their confidence in the nation’s capital market.

   Emefiele disclosed to both local and foreign investors of the apex bank’s ongoing plan to diversify the structure of the economy, to achieve a more robust profile.

  According to him, the fiscal authorities had introduced a lot of measures to tackle the unfolding vulnerability, adding that the country is currently  developing its non-oil revenue..

  “There is no need for anybody to panic because the Nigerian economy in our very view remains resilient,” said Emefiele.

  He urged  local and foreign investors should retain their confidence in Nigeria because the economy was resilience.

  “The Federal Government is doing much to diversify the nation’s economy and in due time we will begin to reap the benefits of these efforts,” he said.

  “There is no need to panic because of the election, the election will come and go and Nigeria will remain the same and economic activities will continue,” he stated.

  Emefiele said that disagreements would occur one way or the other before election but would be settled at the end.

  “I’m confident of Nigeria that we are one nation irrespective of the disagreements, we are one nation and we all must have faith in Nigeria,” Emefiele said.

The Doyen of stockbrokers, Alhaji Rasheed Yussuf, who commended the Governor for the visit and encouragement, called for more collaboration between CBN and the Exchange.

  Yussuf said that operators believed in the strength and ability of Nigerians to turn things around through development of local investors.

  Yussuf, who is the Managing Director of Trust Yield Investment Ltd., said that the brokers were ready to cooperate and work with the apex bank in developing local talents.

  “We are the largest in both size and resources and we are ready to work closely with the governor to turn things around,” he said.

  He also called for cooperation of monetary authorities in policy making in the interest of the market and economy in general.

  Yussuf said: “We want closer cooperation between NSE and CBN because some of the measures taken by the monetary policy makers conflict with the market interest.”

  He also called for regular meetings between the apex bank and the operators in the interest of market growth and development.

  Also speaking,  NSE Council President, Aigboje Aig-Imoukhuede, assured  that Nigeria has a great future ahead, adding that  the apex bank governor would work with the operators and the exchange to strengthen the nation’s capital market.