Overview

The document contains the opening remarks by Chief (Dr.) J. O. Sanusi, Governor of the Central Bank of Nigeria, delivered at the Banking and Financial Services Conference on Opportunities in Financial Services Sector in Nigeria, held in London on June 26, 2003. The speech highlights Nigeria's improved investment climate since the return to democratic governance in 1999, which has enhanced the country's image and attracted foreign investment. The governor commends the Britain-Nigeria Business Council (BNBC) for organizing the conference to inform international investors about opportunities in Nigeria. He notes that Nigeria has a large domestic market with linkages to West Africa, ensuring good returns on investment. Investment opportunities exist in sectors such as telecommunications, oil and gas, and banking, as well as in Export Processing Zones with relaxed customs rules. The Nigerian authorities have implemented reforms since the late 1980s to create a stable macroeconomic environment and sound financial system, including adopting international standards and best practices. Since the Central Bank of Nigeria gained instrument autonomy in 1999, inflation has been subdued—falling from 18.9% in December 2001 to 10.1% in March 2003—and the exchange rate has stabilized through the Dutch Auction System introduced in July 2002, which minimized volatility and reversed the decline in external reserves. The speech emphasizes Nigeria's commitment to attracting both domestic and foreign investment and calls on investors to take advantage of the favorable conditions.

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