The Minister of Budget and National Planning, Udoma Udoma, says Nigeria’s foreign reserves have reduced from $26.51 billion from the second quarter of 2016 to $24.74 billion in September.
Mr. Udoma said this at the 57th annual conference of Nigeria Economic Society (NES) with the theme“the developmental state and diversification of the Nigerian economy’’ on Tuesday in Abuja.
He said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.
The minister said due to four strategic pipeline terminals that were blow up, Nigeria had been unable to achieve its 2016 Budget production target of 2.2 million barrels a day.
Mr. Udoma said in August, the country was barely able to produce 1.1 million barrels.
“Last week production level rose up to 1.7 million barrels, still a far cry from the country’s target of 2.2 million barrel.
“We are taking a number of immediate measures to raise revenues to strategically spend our way out of recession.
“We are taking measures to address the disruption in Niger Delta to restore production.


“We are fast tracking our efforts to raise foreign currency loans that we have projected in the 2016 budget, from AfDB, World Bank, Chinese Exim Bank as well as Euro Bond issue.
“We are happy to note that the president of AfDB has announced that we should expect, among other facilities, a budget support of $1 billion dollars next month,’’ Mr. Udoma said.
He said the economic management team had been working to assemble a stimulus package to be raised from concessioning advance payment for licence renewals, use of recovered funds and some asset sales.
Mr. Udoma said the package was being worked upon and was yet to be finalised, adding that to achieve this speedily, “ we are working to fast track procedures through presidential directives and legislation.
“I want to emphasise that notwithstanding the current economic challenges we face, we are not discouraged at all and this is a crisis we must not waste.
“We should see this crisis as an opportunity for us as a country to make those major structural changes needed to change this economy for good.
“We should use this crisis to implement the reforms needed to unlock the economic potentials of the non-oil and high employment sectors.”
He said such would achieve a sustainable inclusive growth that would enable the majority of Nigerians to become more productive.
Mr. Udoma said the government was working on a programme with the private sector to launch made-in-Nigeria campaign.
He said that the intent of the programme was to encourage more production and consumption of made in Nigeria goods and services.
“We believe that with more patronage, Nigerian producers will be encouraged to improve the quality of their products.
“We should encourage the branding of Nigerian products by self-regulatory industry bodies such as wine makers have in France. Made-in-Nigeria should become a badge of quality.
“As the quality of our goods and service improve, both local and international demand for them will increase.
Mr. Udoma said high local demand would give Nigerian producers the platform to explore the export market.


He said one of the fastest routes to grow the economy and create jobs for teeming population was by pursuing export-led growth.
The minister said that the strategy held high promise for adding to the foreign reserves and further stabilising the Naria.
In January, the CBN estimated that Nigeria’s Forex earnings declined from around 3.2 billion dollars monthly to about one billion dollars monthly.
The CBN gave the figure as the reason it imposed the strict capital controls to protect the country’s reserves.
(NAN)

http://www.premiumtimesng.com/news/headlines/211395-nigerias-foreign-reserves-drop-24-74billion-minister.html

Buhari is a bas tard

What were you expecting op?? Apart from crude oil that our biggest export wetin again??

Militant keep blowing pipeline how's that the fault of the president

Abeg it time we all wise up and face what on ground.

God please we need ur help oo this one don pass joke

EMMYLBANKS:
God please we need ur help oo this one don pass joke

But Buhari was meant to be the helper .....what changed?

chei.......
May those who voted for the dullard be the worst hit by this recession, Amen.

This only happen when you vote an analogue president, in this digital age.

na TINUBU

Dcomrade:

Dcomrade:

But Buhari was meant to be the helper .....what changed?

He was their messiah, whose body Language can do and undo lolzz

erunz:
He was their messiah, whose body Language can do and undo lolzz

erunz:
na TINUBU

#iStandWithTinubu

If at these time... u r still wailing and shouting like a mad female dog supporting bubari or apc... U r a bastard.. u have no regards for.human nature... u r incompetent... U r a shameless prodigy.... and may ur life be like d current situation in nigeria.. Take.it from a pained citizen... Militants kor.. boko haram.ni..

Oga Buhari, we know no which one u dey practice again o. U no be economist u dey argue with IMF. Ur policies are so bad dat even tomatoes won't grow under ur watch.

PMB needs to realise that in politics, you win some, you lose some...

he needs to lead Nigeria as a father & not a proud tyrant. every time the militants in the ND reduce attacks in the hope that 'middle grounds' will be reached on some 'pressing' issues, he goes abroad & makes silly comments or Buratai starts some provocative military exercises in the region.

the ND militants do not have a large support & most law abiding citizens in the areas want an end to the incessant attacks.

PMB just needs to use a more sincere & diplomatic approach to resolve the issue.

They have come 2 steal kill n destroy