Don’t panic over CBN FX policy, Adeosun tells Nigerians abroad

Kemi Adeosun, minister of finance, has called on Nigerians  in the Diaspora not to panic over the Central Bank of Nigeria (CBN) foreign exchange regime.

Adeosun, who spoke at the 2016 Diaspora conference in Abuja, described the Diaspora as a key part of the Nigerian community, which has a key role to play at this critical time.

“As the central bank has recently liberalised the exchange rate management, I urge you not to panic by joining those whom the economists terms as irrational,” she said.

“The rate will need time to settle into a predictable path that will be driven by fundamentals. Typically with such adjustments, markets will overreact and later correct back down to a fundamentally driven level and the naira will be no exception.

“Flexible exchange rates will allow our currency to adjust based on fundamental and known drivers, I point out that the recent Brexit announcement has seen the pound under pressure so it is a normal economic phenomenon and not a trigger for panic.

“Nigeria is going to rebuild stronger with a more resilient and diverse revenue base and I believe that the currency will ultimately reflect this.”

In her call for collective action, Adeosun said, “what Nigeria needs now is Economic Patriotism that will support this administration’s efforts to re-position the economy”.

“We must never become so comfortable abroad that we forget or worse still despise our roots. Rebuilding Nigeria is an important mission for the next generation, who deserve the chance of a Nigeria that provides opportunities for them.

“Other diaspora communities retain strong links to their motherland and we must do so in order to retain the fabric of our families and our value system.”

She pointed out that the current administration is rebuilding Nigeria based on fundamental values that shaped the childhood, including hard work, enterprise, honesty, and self-reliance.

OIL CREATED ECONOMIC LAZINESS

Adeosun, who said Nigeria’s reliance on oil has created “economic laziness”, said Nigeria must not compare itself with oil-rich nations with relatively small population.

“Our 2.2m bpd must be shared by 170m of us whereas Kuwait has 2.9m barrels and 4.1m people. So we simply cannot afford to operate as if oil was unlimited.

“That adjustment should have happened many decades ago and had it been done we would not be experiencing our current challenges.

She urged Nigerians abroad to support their families in Nigeria as the government does it part by de-risking franchise opportunities in the job creation programme YouWin.

She asked Nigerians abroad to donate to the country in cash and not in kind, as this has been encouraging the importation of expired drugs.

“Donating consumer items under the medical donations has created windows for the importation of expired drugs as well as drugs that are intended for resale,” Adeosun said

“My personal appeal would be that, where the items are available in Nigeria and especially those that are manufactured in Nigeria please donate in cash rather than in kind.

“Build the safeguards to ensure that your intended objectives are attained rather than incurring the cost of shipping and clearing goods that are readily available in Nigeria and whose purchase will support Nigerian jobs.”

She said Nigerian are shifting their focus from the federation account to rice growing in Kebbi, Ebonyi and Ogun, to the commercial exports of vegetables from Anambra, to the exploit of solid minerals in Bauchi Nigeria is waking up and frontally addressing its challenges.

“I urge you to join us in whatever way you can to rebuild Nigeria. When in 1707 Britain began to call itself Great it was very far from Great. Indeed, even the name Britain was named by the Romans (Britannia) and was a reference to a geographical split between two regions.

“Britannia Major and Minor. So it does not matter who named us Nigeria and the history thereof, what is critical is where we can go. Let us refrain from habitual negativity from the confines of our comfortable lives as we have just one Nigeria and we must move forward together.”