Wednesday, 25 November 2020 05:08

FG moves for better forex access

As the naira sustains its sliding profile against the American dollar at the parallel market, Vice President Yemi Osinbajo, yesterday, said the Federal Government was working with the Central Bank of Nigeria (CBN) for transparent and better access to foreign exchange (forex) by businesses.

Addressing a virtual parley involving French business leaders organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), he stated that government was doing everything possible to make investments thrive.

He added that job creation remains dear to the current administration.

Osinbajo noted that the President Muhammadu Buhari government was investing in the power sector with focus on renewable energy.

According to him, government is targeting five million homes with solar system in a private sector-driven initiative.

He said government was getting N2.3 trillion from the apex bank as loan to achieve the goal besides the retail value chain that promises sustainable solutions to the nation’s power quagmire.

The vice president observed that a major feature of the nation’s economic response to the COVID-19 pandemic as indicated in the Economic Sustainability Plan, was openness to new and creative ideas in a bid to save jobs, protect businesses and attract new investments.

He said part of the reactions of the Buhari administration was to “build a business environment that will be supportive of domestic and foreign investors.”

HOWEVER, trade leaders want government to provide infrastructure for lasting growth.

Managing Director, Air France, Michel Colleau, represented by the Senior Sales Manager, Air France KLM, Olumide Owolabi, deplored rising failed fund transfers, stating that cash flow was an enabler to sustain airline operations.

He said government should enhance inter-state roads and clearance of cargoes at the seaports.

Managing Director/Chief Executive Officer, SPIE, Guillaume Niarfex, said importation was fast becoming difficult and expensive, adding that the development was driving investors away.

 

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