Cryptocurrencies: Atiku Faults CBN’s Action, Says it’ll Restrict Capital Inflow into Nigeria

February 6, 2021
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Former Vice-President of Nigeria, Alhaji Atiku Abubakar, Saturday criticized Central of Nigeria (CBN) for shutting down trading in cryptocurrencies in the country.

Atiku, in a statement, titled: “We Need to Open Up Our Economy, Not Close it”, argued that a country that had only $9.68 billion capital inflow in 2020 from $23.9Bn in 2019, ought to be conscious of that reality and take every necessary steps to improve on it.

We Need To Open Up Our Economy, Not Close It

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 #COVID19 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.

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.

Atiku Abubakar
Vice President of Nigeria, 1999-2007
6th February, 2021.

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