By Emma Ujah, Abuja Bureau Chief
Nigeria’s foreign reserve has hit about $50 billion, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala revealed  and declared Nigeria as Africa’s current best investment destination


Okonjo-Iweala
“With a foreign reserve of nearly 50 billion dollars, a stable exchange rate, strong banking sector, massive human and natural resources, Nigeria has indeed become one of the most attractive investment destinations in the world”, a statement from the ministry quoted the minister as telling visiting British investors led by the Lord Mayor of the city of London, Mr. Roger Gifford, in Abuja, yesterday.

The British investors are in Nigeria to explore investment opportunities in the country.

Speaking on Friday on the country’s economy, Okonjo-Iweala told the investors that Nigeria currently was the largest economy in West Africa, second largest in Africa with potential to become the largest African economy in the next five years.

The Coordinating Minister proudly told the investors that Nigeria has managed to bring her inflationary rate to a single digit of 8.6%.

http://www.vanguardngr.com/2013/05/external-reserves-now-50b-says-okonjo-iweala/

GEJ is working, haters are tweeting!

So why da heck is it still costing me approx 160 to buy $

The government suppose to invest the money in the country through implementation of budget to yield another money.

Some people love to hate while some hate to love him, but, his results are always there to attract love from sane minds. Gej 2015, nothing can stop d air

Maybe those who want us to believe that this govt is not working are merely being embarassed and ashamed by the streaks this govt makes. I think these information are not corruptible and are very verifiable.
God bless Nigeria and Nigeria.

Mods, can you move this thread to the front page please!

Many thanks.

ndu_chucks: So why da heck is it still costing me approx 160 to buy $

I wish you understood economics

Critics are short of word.

D Transformation is on...
GEJ is like a moving train...
GEJ=Positive Change.

Congratulations Mr President. Good Job.

Bollocks!!!!!


What is the foreign reserve being used for?

Are we using it to supply Naira to those who want to invest in/buy in Nigeria? NO!

Are we using to buy foreign currencies for nigerians who wants to buy things abroad or send money abroad? YES!


The the increase in foreign reserve is not of economic benefit to Nigerians. What Okonjo Iweala should be thinking of is in what direction is she driving the Nigerian economy to?

Because we have more money leaving the nation than coming in, Trade deficit is really bad. We should be trying to have trade agreements with nations we import from the most so we can be able to export something there too which in turn increases the purchasing power of our currency and reduces our huge trade deficit..

Increasing foreign reserve (Foreign currency) is nothing but feeding the Nigerian hunger for dollars not investors hunger for Naira. So Okonjo Iweala should look for another way to gain points...

Seriously, I have lost any faith on Iweala, I rather believe Sanusi. She comes across as an innate liar.

Omo_Tier1: Seriously, I have lost any faith on Iweala, I rather believe Sanusi. She comes across as an innate liar.

The federal government in general is liar.

What is the essence of fat foreign reserves while we lack ALL basic infrastructures.

The government should spend some of the money to build our badly needed infrastructures.

...and they (ACN, APC, CPC e-thugs) will come here with their lies, deceits, smear campaigns, conspiracies just to whine and cry over nothing meanwhile my JONATHAN is working, scoring another FIRST in the history of this country again...LORD I thank you for giving us someone like JONATHAN!

tomakint: ...and they (ACN, APC, CPC e-thugs) will come here with their lies, deceits, smear campaigns, conspiracies just to whine and cry over nothing meanwhile my JONATHAN is working, scoring another FIRST in the history of this country again...LORD I thank you for giving us someone like JONATHAN!

May God work on your life the same way Jonathan is working on Nigeria's affairs. Amen!

Sunny_bobo: GEJ is working, haters are tweeting!

got me lol

automaticcarzz:


May God work on your life the same way Jonathan is working on Nigeria's affairs. Amen!

In your eyes now, you are cursing, but thank God for Jesus who blesses, hope you got my drift?

tomakint:
In your eyes now, you are cursing, but thank God for Jesus who blesses, hope you got my drift?

Just say Amen to the prayer. I did not curse you, I only prayed for you.

Sunny_bobo: GEJ is working, haters are tweeting!

My problem with the government is that all this money doesn't trickle down to the masses by way of concrete all sided contracts to create real jobs.

automaticcarzz:


May God work on your life the same way Jonathan is working on Nigeria's affairs. Amen!

@automaticarzz, you my dear don't like this guy at all! You want him to die in penury?

automaticcarzz:


Just say Amen to the prayer. I did not curse you, I only prayed for you.

Are you my Pastor, Father, brother, sister, do I know you? Your prayer is for you or did I asked you to pray for me?

aurenflani:

@automaticarzz, you my dear don't like this guy at all! You want him to die in penury?

..when two FOOLS collide, this is what you get

ndu_chucks: So why da heck is it still costing me approx 160 to buy $

... because that's the value of Naira.
Japanese Yen cost ¥99 per dollar.

aurenflani:

@automaticarzz, you my dear don't like this guy at all! You want him to die in penury?

Na prayer o! He should either accept the prayer or reject it.

automaticcarzz:


May God work on your life the same way Jonathan is working on Nigeria's affairs. Amen!

And may God work in your life the way Buhari worked on Nigeria between 1983 and 1985, AMEN!!!!

Can you say Amen to that brother!

Sunny_bobo:

And may God work in your life the way Buhari worked on Nigeria between 1983 and 1985, AMEN!!!!

Can you say Amen to that brother!

Amen!

And May God work on your life the same way Jonathan is working on Nigeria's affairs. Can you say Amen to that too?


For your information, Oshiohmole is my choice but Buhari would have done better than the useless President we have right now.

Omo_Tier1: Seriously, I have lost any faith on Iweala, I rather believe Sanusi. She comes across as an innate liar.

This is just pretty LAME. People dont tell lies with the Foreign Reserves. The Account is been handled by many top Banks around the world, and it is very public.

Is it that you guys dont see how incredibly Sillly some of you are when yu choose to criticize just about every thing this Government does *smh*

automaticcarzz:


Amen!

And May God work on your life the same way Jonathan is working on Nigeria's affairs. Can you say Amen to that too?


For your information, Oshiohmole is my choice but Buhari would have done better than the useless President we have right now.

Amen bro!

Keep hating while Jonathan keeps churning out results.

Are these people sensible at all? 50 billion dollars reserve? Yet there is poverty in the country. Can't they use the money to create wealth?

Sunny_bobo:

Amen bro!

I respect you for your honesty. It shows you really beleive in the President's agenda. You are the first person who supports Jonathan that ever said Amen to the prayer. Others always get irritated by the prayer and sometimes reject the prayer outright. I don't hate Jonathan. My whole family voted for him and I supported SS agitation in 2010 after Yar'Adua's demise. Jonathan has been there since 2010 and he has failed woefully.

0lumide: Bollocks!!!!!


What is the foreign reserve being used for?

Are we using it to supply Naira to those who want to invest in/buy in Nigeria? NO!

Are we using to buy foreign currencies for nigerians who wants to buy things abroad or send money abroad? YES!


The the increase in foreign reserve is not of economic benefit to Nigerians. What Okonjo Iweala should be thinking of is in what direction is she driving the Nigerian economy to?

Because we have more money leaving the nation than coming in, Trade deficit is really bad. We should be trying to have trade agreements with nations we import from the most so we can be able to export something there too which in turn increases the purchasing power of our currency and reduces our huge trade deficit..

Increasing foreign reserve (Foreign currency) is nothing but feeding the Nigerian hunger for dollars not investors hunger for Naira. So Okonjo Iweala should look for another way to gain points...

See how you have laboured to downplay such a significant acheivement..well let me try and clarify some issues you have raised here less you mislead us all

A direct economic benefit of increase in foreign reserves is on how importers by commodity abroad... importers buy their goods from their International Suppliers with DOLLARS that they get from the Exchange Market and the Central Bank controls most of the Dollar sales in the Exchange market, and it is from the Central Bank's Component of the Foreign Reserves that the Central Bank mostly gets the Dollars it sells to buyers .
That said If the foreign reserves is increasing it means that the demand of dollars by importers is decreasing,which can be translated to mean that local manufacturing is increasing.Also a high foreign reserve means that for those goods that can't be sourced locally the country can conveniently fund its imports over a long period of time

I hope you can see that the increase in foreign reserves is definitely not a ruse.

automaticcarzz:


I respect you for your honesty. It shows you really beleive in the President's agenda. You are the first person who supports Jonathan that ever said Amen to the prayer. Others always get irritated by the prayer and sometimes reject the prayer outright. I don't hate Jonathan. My whole family voted for him and I supported SS agitation in 2010 after Yar'Adua's demise. Jonathan has been there since 2010 and he has failed woefully.

Pray, tell in what areas has he failed?

Increased power output?

Agricultural revolution leading to increased output?

Revamping the comatose rail network?

Improved aviation sector?

Construction, reconstruction and rehabilitation of Federal roads?

Increased Foreign reserves to the highest level ever?

Free and fair elections in which the type if Oshimole won?

Youth empowerment via YOUWIN?

Exposition of corruption and corrupt practices which we never knew of?

Stopping the practice of the wholesale handing over constituency allowance to the legislators?


I can go on and on till tomorrow but one thing I'll assure you of is that come 2015, your family will still vote Jobathan.