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Cardoso says foreign investors who left Nigeria are interested in coming back

Cardoso says the observations of the investors validate their thinking that Nigeria is progressing.

Yemi Cardoso, the Governor of the Central Bank of Nigeria [TechEconomy]

The CBN governor said a lot of foreign portfolio investors are monitoring the country’s economic reforms and believe Nigeria is going in the right direction.

Cardoso made this known in his interview with Arise TV, which aired on Monday, February 5, 2024.

Today, I would say that we have a situation where a lot of foreign portfolio investors are very interested in coming back to the Nigerian market. It’s incredible.

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“If there’s any group that has taken an interest, very methodically, may I say, they have not run over the door to get in, but they’re taking a very methodical interest in understanding the reforms that are taking place and seeing how it is taking the country to a direction they believe is the right one, it is the foreign portfolio investors,” he said.

According to him, the observations of the investors validate their thinking that Nigeria is progressing, adding that additional reforms would take place to strengthen the economy.

“You think they may not come back, they come back a second time, they come back a third time. Then they see some of the rating agencies coming out with their own conclusions of how they see the economy of the country progressing, it validates what they are thinking. We do additional reforms. It continues to encourage them that’s how I see investors’ plane today,” the CBN governor concluded.

In his bid to move the country’s economy forward, Cardoso, who took over the leadership of the apex bank from Godwin Emefiele in 2023, has made several moves to address Nigeria’s foreign exchange issues with a series of directives targeted at the banking sector.

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