Nigeria’s Foreign Reserve Swells To $44. 6b

In what might be
cheery news to
managers of the
nation’s economy and
indeed Nigerians, the
Coordinating Minister
for the Economy and
Minister of finance,
Dr. Ngozi okonjo-
Iweala, yesterday
declared that the
nation’s foreign reserve has hit $44.6 billion.
The minister said this while speaking at the 31ST Meeting of
the Convergence Council of Ministers and Governors of
Central Banks of the West African Monetary Zone, WAMZ,
in Abuja. She also added that Nigeria has been building
buffers against “economic shocks”
Her words, “on the back of greater efficiency in the
management of our resources, our foreign reserves soared
from US$32.6 billion at the end of 2011 to about US$44.6
billion now.
“The Excess Crude Account,ECA, balance has also improved
from $4.57 billion in August 2011 to about $9 billion now.
Our Sovereign Wealth Fund is up and running and will oversee
the $1 billion set aside by the government. But more
important, President Goodluck Jonathan’s administration is
embarking on a strong program of economic diversification –
which is the only real buffer for our economy”.
According to the minister, Nigeria has started a massive
investment in agriculture, housing, solid minerals, the
creative industry, and other sectors, “in an effort to limit
our dependency on oil revenue, and create jobs. It is a fact,
that our present growth rate is being sustained by the
activities of the non-oil sector

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