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Monday, 12th April, 2021
 Nigeria   ::   News
CRYPTO CURRENCY: Atiku writes FG, CBN, says ‘We Need to Open up Our Economy, Not Close It’
Feb 06, 2021
Source: CEOAfrica News: Reported by- Prince Lawrence

Former Vice President Atiku Abubakar has written to the Federal Government and the Central Bank of Nigeria (CBN) on issues that need immediate attention in the country, and faulted the shutdown of crypto currency operations by the CBN.

Former Vice President Abubakar, on Saturday in a statement titled, ‘We Need To Open Up Our Economy, Not Close It’, which he signed and made available to newsmen in Abuja, disclosed that the country needs all the help it can get to come out of its present economic crisis.

He said “The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation.

“What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.

“Already, the nation suffered severe economic losses from the border closure, and the effects of the COVID-19 pandemic.

“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.”

Atiku added that “It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.

“There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.

“We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.”

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