₦airaland Forum

Nigeria now has the largest foreign reserve in Africa


Nigeria is leading three major African countries in foreign reserves as at Monday, May 7, 2018, as the country's gross earnings hit $47.80 billion, according to data seen by Business Insider Sub-Saharan African from the nation's central bank.


Nigeria, which recently emerged from its worst economic recession in over 25 years with less than $21 billion in foreign reserves, has built up its reserves massively over one and half years to become largest in Africa by beating South Africa, Ghana, and Kenya in external reserves with total net reserves of $47,804,549,761.


External reserves of major African countries

Ghana's reserves declined to $6.9 billion in April 2018

Kenyan forex reserves close to the double-digit as at April 2018 at $9.50 billion

South Africa’s reserves at $43.115 billion in April 2018

God bless PMB.

...and we will like a source please.
Thanks.

GOD CONTINUE TO BLESS PMB1523
GOD BLESS THE APC
GOD BLESS NIGERIA

hahahahahahahaha
night (gist) of a thousand laugh

The information is not complete. How much is our foreign debt?

Yes oo,as well as the highest concentration of abjectly poor souls in the world

kudos. we are making progress
fire on baba

At what cost. At the ridiculous cost of putting Nigerians through unprecedented sufferings and lack since his administration began. Do you even know how many people died.

I knew this was the reason they didn't want to solve the problem of hyper inflation, high fuel price, and high margin increase in dollar/foreign exchange rates.

I knew they were sacrificing everything else and everybody just to boast about one single area the suffering has boosted.

We Knew that PMB had a political will to deal with Nigeria problems.

And high debt, unemployment and poverty rate to show.

Our budget is not even up to %60 implemented.

You sound like foreign reserve is an achievement ...I will rather we dwell on the 13 million jobs lost so far and how Buharis govt has the largest unemployment deficit in Africa today ... A country lacking in Human Development index , security and infrastructure like Nigeria currently is has no business boasting about Foreign reserve just like a father who can't provide shelter food and clothes for his children has no business boasting about having savings ... Let wake up from such mediocrity please because Buhari must go

muykem:
We Knew that PMB had a political will to deal with Nigeria problems.

What's your IQ rating again please?

While those countries are celebrating stable power supply, good road networks, good governance, good security, good policies, excellent health care, we are celebrating foreign reserve. We go dey alright last last

EODforce:
Yes oo,as well as the highest concentration of abjectly poor souls in the world


kudos. we are making progress

fire on baba

what progress? U guys can easily be deceived

SalamRushdie:
You sound like foreign reserve is an achievement ...I will rather we dwell on the 13 million jobs lost so far and how Buharis govt has the largest unemployment deficit in Africa today ... A country lacking in Human Development index , security and infrastructure like Nigeria currently is has no business boasting about Foreign reserve just like a father who can't provide shelter food and clothes for his children has no business boasting about having savings ... Let wake up from such mediocrity please because Buhari must go

With a debt of $20bn and counting..

SalamRushdie:
You sound like foreign reserve is an achievement ...I will rather we dwell on the 13 million jobs lost so far and how Buharis govt has the largest unemployment deficit in Africa today ... A country lacking in Human Development index , security and infrastructure like Nigeria currently is has no business boasting about Foreign reserve just like a father who can't provide shelter food and clothes for his children has no business boasting about having savings ... Let wake up from such mediocrity please because Buhari must go

God bless you

On the economy I score PMB 100%

GEJ & NOI
*** Inherited $50+ billion in External reserves
*** Inherited $ 22 billion in Excess Crude Account
*** Inherited a robust economy with the States Governments paying salaries.
*** Inherited Crude prices at $110/barrel and 2.2mbp
*** Inherited a stable exchange rate

PMB & Kemi
*** Inherited $29+ billion in External reserves
*** Inherited less than $2 billion in Excess Crude Account :[ (NOI claimed Amaechi refused for her to save another foolish claim)
*** Inherited a dwindling economy with the 28 States Governments unable to pay salaries needing FG bailout
*** Inherited Crude prices at $40/barrel and 1.4mbp (no thanks to the avengers)
*** Inherited a exchange rate that had been devalued on three occasions and black market rate disparity far higher than official rate.


Today the exchange rate has been stable for close to 10months, foreign Reserves is in a 10year high.

SalamRushdie:
You sound like foreign reserve is an achievement ...I will rather we dwell on the 13 million jobs lost so far and how Buharis govt has the largest unemployment deficit in Africa today ... A country lacking in Human Development index , security and infrastructure like Nigeria currently is has no business boasting about Foreign reserve just like a father who can't provide shelter food and clothes for his children has no business boasting about having savings ... Let wake up from such mediocrity please because Buhari must go

Abeg go and sleep, foreign Reserves has giving the Naira the much needed stability.
The economy has rebound only lazy youths like u that are unemployable that go about dishing out unverifiable stats.

They've given Nigerians Mediocre Education and impoverished them beyond human capacity so most Nigerians have lost the ability to Understand what is foreign reserve Or what anything is actually, because we're mostly dead men walking. What the Hell is foreign reserve when u have absolutely nothing Up and running in the country?? People you preside on are eating dusts and you boast about savings, Nigeria has the highest number of people living below the poverty line but we're just 200million, see China see India.......

hardywaltz:
Abeg go and sleep, foreign Reserves has giving the Naira the much needed stability.
The economy has rebound only lazy youths like u that are unemployable that go about dishing out unverifiable stats.

Good to know you know I am unemployable.. When you are as smart as I am you have no business looking for employment but rather creating employment ... Let me assure you this will Buharis last tenure and there is nothing Satanist and sadist like you can do about it .

greatID:
what progress? U guys can easily be deceived

. Well,that was a sarcasm Bro

SalamRushdie:
Good to know you know I am unemployable.. When you are as smart as I am you have no business looking for employment but rather creating employment ... Let me assure you this will Buharis last tenure and there is nothing Satanist and sadist like you can do about it .

When PMB wins in 2019 hope u will pack ur bags to Equatorial Guinea or Sudan where u can find peace

greatID:
what progress? U guys can easily be deceived

Ever heard of the word 'sarcasm'?

hardywaltz:
When PMB wins in 2019 hope u will pack ur bags to Equatorial Guinea or Sudan where u can find peace

We will not accept PMB one day beyond may 29 ..That would be the beginning of the breakup of Nigeria...No way that Jihadist will be allowed to rig his way back

A poor man that has money in the bank boasting that I am rich yet living like a pauper that is the story of Nigeria.

hardywaltz:
Abeg go and sleep, foreign Reserves has giving the Naira the much needed stability.
The economy has rebound only lazy youths like u that are unemployable that go about dishing out unverifiable stats.

U r unbelievable, else u won't refer to reality as speculation.
Does ur idea of stability of the naira mean selling it above 300 to a dollar.
Does ur idea of a rebounding economy include companies n businesses closing down in Lagos n other major cities, thereby pushing unemployed index further up?

D u no the number of people ur messiah/god has either forcefully pushed into d unemployment market by his policies or sent to their early grave cos he refused to condemned the killing of innocent villagers or act on the refusal of the security agencies to protect lives n properties,?

N u have d guts to call Nigerian youths lazy like Buhari did cos u are not directly affected or cos of d stipend u get jus to paint this demonic administration in good light.

A country where life is cheap n death n murder r rampant is wat u call stable n rebounding.

All is well continue to make ur stipends on the blood of the innocent dat is shed on a daily basis till it gets to ur turn or affects someone close to u. Maybe by then u'll c clearly n understand wat others have bin shouting about all this while.

Now what is foreign reserve compared to these ills above?
Food for thought.

NASTYNASOSO:
Nigeria now has the largest foreign reserve in Africa


Nigeria is leading three major African countries in foreign reserves as at Monday, May 7, 2018, as the country's gross earnings hit $47.80 billion, according to data seen by Business Insider Sub-Saharan African from the nation's central bank.


Nigeria, which recently emerged from its worst economic recession in over 25 years with less than $21 billion in foreign reserves, has built up its reserves massively over one and half years to become largest in Africa by beating South Africa, Ghana, and Kenya in external reserves with total net reserves of $47,804,549,761.


External reserves of major African countries

Ghana's reserves declined to $6.9 billion in April 2018

Kenyan forex reserves close to the double-digit as at April 2018 at $9.50 billion

South Africa’s reserves at $43.115 billion in April 2018

This is for sub-Saharan Africa and not Africa in general. Nigeria is always in the top two position in Sub-Saharan Africa.

Last I checked,Libya[with about 70 billion dollars or so] has a higher foreign reserve than Nigeria and ZA.


At a point,Libya had reached the 120 billion dollar mark.

I think this post is misinformation people here.

It should read: Nigeria now has the largest foreign reserve in SUB-SAHARAN Africa.

Not Africa.

Roger?

asksteve:
U r unbelievable, else u won't refer to reality as speculation.
Does ur idea of stability of the naira mean selling it above 300 to a dollar.
Does ur idea of a rebounding economy include companies n businesses closing down in Lagos n other major cities, thereby pushing unemployed index further up?

D u no the number of people ur messiah/god has either forcefully pushed into d unemployment market by his policies or sent to their early grave cos he refused to condemned the killing of innocent villagers or act on the refusal of the security agencies to protect lives n properties,?

N u have d guts to call Nigerian youths lazy like Buhari did cos u are not directly affected or cos of d stipend u get jus to paint this demonic administration in good light.

A country where life is cheap n death n murder r rampant is wat u call stable n rebounding.

All is well continue to make ur stipends on the blood of the innocent dat is shed on a daily basis till it gets to ur turn or affects someone close to u. Maybe by then u'll c clearly n understand wat others have bin shouting about all this while.

How much was dollar to Naira before PDP took over power in 1999 and why couldn't they keep it stable according to you?

Is there any country in the world totally dependent on crude as means of foreign exchange that did not go throu economic turmoil like Nigeria did between 2014-2017 when crude prices where low? Kindly name that country let us compare.

Was it PMBs fault that ur ineffectual buffoon refused to save but chose to Dasuki our Foreign Reserves?

Today our rice importation has dropped by almost 500% (according to Thailand Government) these are the positives which I have chosen to see.

U can continue in ur negative world.

Kindly go and read Prof Charles Soludo's letter to PDP and APC in December 2014, he told us in clear terms that a mighty economic turmoil was on the way, but I knew u weren't listening

What a trash if we can start by comparing SA with Nigeria now some we say our democracy are still young. South Africa have one of the best road network in the World while Nigeria own death trap, South Africa have one of the best and free medical system in the world while our poor Nigeria are dieing simple because they can't afford to pay for Hospital, South Africa have one of the best Social welfare in the World, old age grant starting from 60yrs up are paid R1700 (N34,000) every month, Child grant from day one to 18yrs are paid R370 ( N7400 ) every month, disability grant, our so call Social grant of N5000 can not be traceable on who is receiving it. Some South African citizen don't know what is Electric Generator but Nigeria can not stay a single day with Electricity if not Generator. I can go on and on but let me ask op what Nigeria citizen are gaining from so call foreign reserves?

hardywaltz:
How much was dollar to Naira before PDP took over power in 1999 and why couldn't they keep it stable according to you?

Is there any country in the world totally dependent on crude as means of foreign exchange that did not go throu economic turmoil like Nigeria did between 2014-2017 when crude prices where low? Kindly name that country let us compare.

Was it PMBs fault that ur ineffectual buffoon refused to save but chose to Dasuki our Foreign Reserves?

Today our rice importation has dropped by almost 500% (according to Thailand Government) these are the positives which I have chosen to see.

U can continue in ur negative world.

Kindly go and read Prof Charles Soludo's letter to PDP and APC in December 2014, he told us in clear terms that a mighty economic turmoil was on the way, but I knew u weren't listening

Y am I not surprised at how u came to ur conclusion.
Recession, that this administration inflicted on her citizens cos of bad policies.

On the issue of refusal to save by the previous administration, hope u no dat two prominent APC bigwigs today Ameachi (Transport Minister) , Saraki (Senate President) and their fellow governors most of whom are in the APC today, dragged the den administration to court to share the excess crude savings or have u forgotten?

On the issue of exchange rate, bad as the previous administration was the met the dollar at 145 148 and after abt 6yrs left it at 170 and 190 but ur messianic administration met it at btw 170 n 190 n in less than 3yrs its mysteriously btw 300 and 320. So much for stability.

On rice importation, Nigerians have started cultivating it but not up to the extent of upsetting Thai export. Have u checked Thai export to Benin Republic, Togo, Cameroon n other countries bordering Nigeria?
Their rice import since the ban in Nigeria has shot up astronomically n ur guess is as good as mine wen u think of where the excess which more than quadruples their initial imports end up.
So where does ur 500% drop in Thai export stand?

My major problem with this administration is they are habitual liars, frm the President to the least of his appointed. They lie even wen they know we know they Ade lying n they do it with impunity.
As for the President, he doesn't ever know anything as he always claims.

Wen u critically look at it that's all they have to offer, after all they came to power through lying n SSE it as d only way of surviving since they have nothing else to offer.

asksteve:
Y am I not surprised at how u came to ur conclusion.
Recession, that this administration inflicted on her citizens cos of bad policies.

On the issue of refusal to save by the previous administration, hope u no dat two prominent APC bigwigs today Ameachi (Transport Minister) , Saraki (Senate President) and their fellow governors most of whom are in the APC today, dragged the den administration to court to share the excess crude savings or have u forgotten?

On the issue of exchange rate, bad as the previous administration was the met the dollar at 145 148 and after abt 6yrs left it at 170 and 190 but ur messianic administration met it at btw 170 n 190 n in less than 3yrs its mysteriously btw 300 and 320. So much for stability.

On rice importation, Nigerians have started cultivating it but not up to the extent of upsetting Thai export. Have u checked Thai export to Benin Republic, Togo, Cameroon n other countries bordering Nigeria?
Their rice import since the ban in Nigeria has shot up astronomically n ur guess is as good as mine wen u think of where the excess which more than quadruples their initial imports end up.
So where does ur 500% drop in Thai export stand?

My major problem with this administration is they are habitual liars, frm the President to the least of his appointed. They lie even wen they know we know they Ade lying n they do it with impunity.
As for the President, he doesn't ever know anything as he always claims.

Wen u critically look at it that's all they have to offer, after all they came to power through lying n SSE it as d only way of surviving since they have nothing else to offer.

Just so u are reminded when the recession started, as hard as u try u can't rewrite the past.
Ur hero is a thief.