BY JONAH NWOKPOKU

LAGOS—The Central Bank of Nigeria, CBN, has said that with commitment to macroeconomic and financial system stability, Nigeria was likely to evolve as a preferred destination of choice for investments in 2014.

Deputy Governor of the CBN, Dr. Kingsley Moghalu stated this while delivering a keynote address at the CBO Capital Annual Investors conference in Lagos.

Speaking on “the outlook for the Nigerian economy in 2014,” Moghalu said that the prospects for the financial sector was bright.

According to him, “given the steady growth achieved in 2013, the economy is expected to grow strongly driven by high oil prices and robust economic indices. Financial inclusion, access to finance by the informal sector, is also expected to advance in 2014 while the power sector reforms, which will lead to reduction in the cost of doing business, will also lead to better economic opportunities and creation of more jobs in the economy.”

Reacting to the theme of the conference: Pre-election investment strategies for Nigeria in 2014,” he however noted that “with the forthcoming elections in 2014, government spending is expected to rise due to the financing of election activities. This in turn, might worsen the liquidity condition in the financial system and create inflationary pressure.”

According to him,  “in about five years from now, we should have shifted our economy to become a largely industrial, manufacturing base. Within the next five to 10 years, we must do that; otherwise the future could be difficult for us.”

Speaking on the Investors Conference, the Director, CBO Capital, Bex Nwawudu said, “the key objective is to raise awareness for domestic investment activity in private equity. People use that word globally; however, locally, there’s not enough knowledge and information as to what it means exactly.

Furthermore, in spite of the fact that 2014 heralds the forthcoming elections, it has become important to highlight the fact that Nigeria still has numerous viable and profitable investment opportunities.”