Why Nigerians should not ‘Japa’, by Olayemi Cardoso

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has advised Nigerians to reconsider emigrating abroad, popularly referred to as “Japa.”

Speaking during his keynote address at the 59th annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso assured citizens that the CBN is working towards creating an economy where individuals and businesses can thrive.

He emphasised the importance of collective effort in building a prosperous nation and urged Nigerians to stay and contribute to its development.

He said: “It is not a good idea to japa at this stage.

“Two reasons. One, those who may decide they are going to do that, they will sell and get rid of their assets.

“You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket and wait for the turnaround and sell it away.

“Number two, you want to be part of the solution. You want to be part of the solution, and this is time that we need all hands on them.

“There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria

“In taking positions in certain assets, so they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”

While acknowledging the severe impact of the reforms on Nigerians, Cardoso said the reforms are focused on tackling challenges of today and on securing the opportunities of tomorrow with the aim of building an economy where everybody thrives.

He said: “We are building an economy where every individual, every business, and every community can thrive.

“This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve”.

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