Emefiele: Elections can’t destroy Nigeria

As equities listed on the Nigerian Stock Exchange (NSE) continue to tumble just as the naira sustains its slide in reaction to the poll shift, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has called on investors to have faith in the economy.

Emefiele insisted that the election cannot destroy Nigeria, saying that the trend shows that election periods in Nigeria are associated with tension.

The CBN governor said this when he paid a courtesy visit on the Nigerian Stock Exchange (NSE), where he also rang the closing gong at the Exchange on Thursday.

“This is Nigeria and this is one nation and that is the reason why we all need to have faith in Nigeria and that is why I say there is no need to panic.

“The elections will take place; I am not supposed to respond to (questions on) elections, but it is important for me to say there is no need to panic as a result of the elections.

“The elections will happen, it will go, Nigeria will remain the same and economic activities will improve. That is a statement I thought I should make, not only to Nigerians but also to our foreign investors and partners who are working with us,” he said.

The central bank governor maintained that the Nigerian monetary authorities as well as fiscal authorities were doing everything they could to respond to the current vulnerabilities in the market.

He added: “In 2014, we had over N75 billion in increased non-oil revenues. We are expecting in 2015 that this will ramp up to as high as $1 billion. Those are some of the activities that have been put in place. There is no need to panic.

“We’ve seen people also responding as a result of the political situation in Nigeria and all I can say is that the Nigerian economy remains resilient.

“In 1993, June 12, we had an election that was adjudged the freest and the best election ever conducted. Unfortunately what happened, happened in 1993 June 12, but Nigeria survived.

“Since then, we’ve had the 1999 election – we went on swiftly, we had the 2003 elections we had the 2007 elections the same way we had the 2011 elections.

“Of course, naturally you will find that before an election happens or occurs, there would be disagreements one way or the other, but I am very confident in the spirit of Nigerians that sometimes you find that as we approach elections, people pull back.

“But retain your confidence in Nigeria. Indeed, increase your level of confidence in Nigeria; this economy is resilient.

“There are so many things that we are doing to diversify the structure of the Nigerians economy and I believe that by the special grace of God in due time, you will begin to reap the benefits of these efforts.”