Nigeria’s Foreign Reserve Hits $40bn – Udoma

Nigeria’s Foreign Reserve Hits $40bn – Udoma

Like This Video 0 2371 rauf shola
Added by February 3, 2018

The Federal Government says that Nigeria’s current foreign reserves has peaked at $40 billion against the previous high of $24 billion in September, 2016, an indication of the country’s economic recovery and reversal of capital flight.

The Minister of Budget and National Planning, Sen. Udoma Udoma, disclosed this on Friday in Abuja, in a bid to encourage state governments to key into the Economic Recovery Growth Plan (ERGP), and to ensure full participation of sub-regional governments in the Focus Labs scheduled to commence next month.

In a statement released by his Senior Special Adviser, Akpandem James, Udoma explained that the purpose of the Labs set-up was part of Government’s effort to ensure full and effective implementation of the ERGP.

“Evidence of this is the fact that we have successfully reversed the capital flight we had been experiencing, and as a result our foreign reserves have been rising. Indeed, our foreign reserves are currently over US$40 billion, up from about US$23 billion as at September 2016.

“In addition, our forex markets and rates have stabilised, and our ranking in the World Bank Ease of Doing Business ranking has moved up 24 places from 169 in 2016 to 145 in 2017,” he said.

Similar Videos

Gbenga Adeyinka apologises for Baba Sala’s false death claim

0 3001 0

Popular Nigerian comedian, Gbenga Adeyinka has apologised to Nigerians for posting a false claim that veteran comedian, Moses Adejumo, popularly known as Baba Sala was dead. Gbenga Adeyinka issued the apology via his Instagram page where he had earlier made

Man Who Killed Pastor During Church Service Explains Why He Killed Him

0 2161 0

A senior pastor of Assemblies of God Church was stabbed to death by his nephew during service on Sunday, December 30 at Tema Community 4 in Ghana Rev. Dr. David Nabegmado was attacked by Francis M.Nabegmado, 31, while preparing to

ATM Jackpotting, a technique used by hackers to make cash pour out of ATM machines hits US, Europe and Asia

0 2282 0

ATM Jackpotting, in which thieves/hackers use a variety of tools to hack into ATMs and cause them to dispense large amounts of cash on demand, has been a legitimate threat for several years now. Until now however, jackpotting was mostly

No Comments

No Comments Yet!

No Comments Yet!

But You can be first one to write one

Write a Comment

Your data will be safe!

Your e-mail address will not be published. Also other data will not be shared with third person.
Required fields are marked*