₦airaland Forum

Nigeria’s external reserves have now crossed the US$40 billion mark, for the first time since 2014.

For the first time since 2014 when it was brought down despite huge oil prices.

Anyway, since it has crossed the mark, I think Bubu can now concentrate on the national economy, starting from bringing the dollar down to N200, to at least reduce the general price levels of commodities.

LionDeLeo:
For the first time since 2014 when it was brought down despite huge oil prices.

Anyway, since it has crossed the mark, I think Bubu can now concentrate on the national economy, starting from bringing the dollar down to N200, to at least reduce the general price levels of commodities.

Bubu is a dry brain, nothing upstairs

How does this news rescue us from the hunger presently in the land ?

Achuwa1:
How does this news rescue us from the hunger presently in the land ?

A result/advantage is that the FG/CBN will have enough FX set aside to provide for Industrialists, Manufacturers, Agriculture/Agro-allied industries, Importers, Oil Markerters, business people like my humble self, etc who genuinely need FX to meet their needs AT THEIR SPECIFIED CBN FX RATES.

This will in-turn drive down cost of production, make goods, products and services more available and accessible for the populace.

To be more specific, A good example is the CBN Anchors Borrowers Scheme whereby the FG thru CBN have been providing Loans to States, Rice farmers, (and other Agric. sectors).

This has in-turn led to increase in Rice farming, Milling & Production, thereby leading to the availability of Nigeria made Rice in various parts of the country at Reduced Prices; For Example LAKE Rice @ N12,000 Per 50kg; N6,000 Per 25kg.

DLuciano:
Bubu is a dry brain, nothing upstairs

In 2015, our foreign reserve was at 28 bn USD. Now it is at 40 bn USD.

Oil prices were at $75 to $30 in 2016 to $70 now.

Bubu is not a good leader, yes ....he needs to develop policies that make our economy diversified, but he does have some good policy

External reserves aside, Nigeria's economy is weak, and has been weak because we do not have a good enough manufacturing capacity.

We also do not export more manufactured goods and services.

If our govt wants my vote in 2019, then they must make the hard choices we need to become an industrial power, and that starts with investment in technical and vocational education, end to subsidies and price controls so that we can attract investment, loans to improve transmission capacity for power, and a true end to corruption