Finance Minister, Mrs. Kemi Adeosun and Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele have explained why they were absent at the botched U.S. investment summit organised by the Federal Government in Washington D.C.
The pair spoke yesterday at a joint press conference organised by the Ministry of Finance and CBN at the World Bank/International Monetary Fund (IMF) Spring Meetings in Washington D.C. The Emir of Kano, Alhaji Muhammadu Sanusi II had, on Saturday, blasted the Federal Government whose officials who were in the U.S. arrived late for the investment summit christened:
“Nigeria is Open for Business.” Foreign investors had already converged on the venue (Nigerian Embassy) by 9a.m. when the conference was built to commence, but it did not start until an hour later (10 a.m.). The public address system also failed to work. But Adeosun and Emefiele explained that their primary assignment in the U.S. was the World Bank and IMF Spring Meetings where they played key roles for Nigeria and African countries.
The Finance Minister said she was attending the International Monetary and Financial Committee (IMFC) meeting, which is the highest decision making body of the IMF where she represents 23 African countries. “So one of the things I had to do is to issue a statement on behalf of those 23 countries, which includes most of the Anglophone countries – South Africa and Mozambique. So, my primary role here as well as having the Nigerian hat on, is to represent the 23 African countries,” she said.
“There has been some controversy over the investment summit. I wasn’t due at that event. I was here (in the US) as a governor of the IMF and member of IMFC to represent the 23 African countries and that schedule is what I must adhere to. I think maybe there were some scheduling challenges there.” Corroborating Adeosun, the CBN governor said he and the Finance Minister were in the U.S. specifically for the World Bank and IMF meetings, which takes preeminence.
“I think it is important for me to say this, when I arrived in Washington, the officials of the Nigeria Embassy spoke with me that there was going to be a U.S.- Nigeria summit and I said I will check my schedule because I wasn’t consulted when this summit was being organised,” he said. “I sit here to say the U.S.- Nigeria summit was meant to hold between 2p.m. and 3p.m. whereas the World Bank development committee plenary session, which is an assembly of ministers and governors of central banks, was to hold between 2:45 p.m. and 5 p.m. “There was no how the Minister of Finance and I could have been at those meetings.
But I think it is important to say it is unfair for people to begin to cast aspersions without understanding our schedules. The main reason we are here is because of the statutory meetings of the IMF and World Bank. I felt I should explain this. “We are not irresponsible people. My apologies, but I want to say this is not the fault of the Minister of Finance and myself, the CBN Governor.” Adeosun and Emefiele also affirmed that Nigeria’s positive growth outlook would be sustained.
On Nigeria’s foreign reserves, which Emefiele said currently stands at $47.93 billion, he said the country would continue to build her reserves to save for the rainy day and that the banking watchdog is targeting high but single inflation in 2018. Besides, he debunked the story making the rounds that the currency swap deal between Nigeria and China had failed, saying Nigerians should expect a positive development very soon.
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