The federal government has announced that Nigeria’s foreign reserve has hit a new high, as the present figure is put at $47.93billion and Nigerians should expect a positive growth outlook in the near future. This statement was made known by both the Governor of Central Bank and Ministry of Finance at the World Bank Meeting in Washinton DC in the United State.
While speaking the 2018 International Monetary Fund and World Bank Spring Meeting in Washington DC, United State, both the Central Bank Governor Mr Godwin Emefiele and Minister of Finance reiterated Nigeria’s positive growth outlook, as they noted that a growth of 2.5 percent had been projected by the IMF and World Bank for Nigeria.
On his part, the CBN governor said:
There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks.
He also assured that concerted efforts were ongoing to realise the 80 percent target for financial inclusion by 2020. Mrs Kemi Adeosun on her part said:
The Buhari Administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.
We will continue to efficiently and effectively manage public sector costs and plug leakages, and make sure that every money that is earned comes in and delivers full value to the Nigerian people.
We are refinancing our inherited debt portfolio from short-term Treasury Bills to longer tenured debt, which has resulted in huge savings and reduction in costs of funds for the Government. We will continue along this path.
The Buhari Administration has raised Nigeria’s taxpayer base from 13 million in 2015 to 17 million currently.
The sum of US$322,515,931.83 Abacha funds recovered from the Swiss Government and deposited into a special account in @cenbank, has been earmarked for the National Social Safety Nets programme of the Government @NSIP_NG.
At the Briefing @cenbank Governor Godwin Emefiele disclosed that Nigeria’s foreign reserves have now risen to US$47.93 billion.
The CBN Governor and I jointly affirmed that Nigeria’s positive growth outlook will be sustained. We have come a long way from 2015/16. inflation rate is slowing; foreign reserves are rising. And by 2019, Nigeria’s growth will be far more robust than the present level.