{"id":8613,"date":"2016-09-27T18:03:48","date_gmt":"2016-09-27T17:03:48","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8613"},"modified":"2016-09-27T18:03:48","modified_gmt":"2016-09-27T17:03:48","slug":"nigerias-foreign-reserves-deplete-to-24-74b-in-september-udoma","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-foreign-reserves-deplete-to-24-74b-in-september-udoma\/","title":{"rendered":"Nigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma"},"content":{"rendered":"
\"Minister<\/a>
Minister of Budget and National Planning, Sen. Udoma Udo Udoma<\/figcaption><\/figure>\n

Nigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma<\/strong><\/p>\n

Nigeria\u2019s foreign reserves have reduced from 26.51 billion dollars from the second quarter of 2016 to $24.74 billion in September, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma has said.<\/p>\n

Udoma made this disclosure at the 57th annual conference of Nigeria Economic Society (NES) with the theme\u201cthe developmental state and diversification of the Nigerian economy\u2019\u2019 on Tuesday in Abuja.<\/p>\n

According to him, Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.<\/p>\n

The minister who attributed the depletion in foreign reserve to four strategic pipeline terminals that were blow up, noted that Nigeria had been unable to achieve its 2016 Budget production target of 2.2 million barrels a day.<\/p>\n

He claimed that in August, the country was barely able to produce 1.1 million barrels. \u201cLast week production level rose up to 1.7 million barrels, still a far cry from the country\u2019s target of 2.2 million barrel.<\/p>\n

\u201cWe are taking a number of immediate measures to raise revenues to strategically spend our way out of recession.<\/p>\n

\u201cWe are taking measures to address the disruption in Niger Delta to restore production. \u201cWe 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.<\/p>\n

\u201cWe 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,\u2019\u2019 Udoma said.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

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.<\/p>\n

Udoma said that the package was being worked upon and was yet to be finalised, adding that to achieve this speedily, \u201c we are working to fast track procedures through presidential directives and legislation. \u201cI 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.<\/p>\n

\u201cWe 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. \u201cWe should use this crisis to implement the reforms needed to unlock the economic potentials of the non-oil and high employment sectors.\u201d<\/p>\n

He said such would achieve a sustainable inclusive growth that would enable the majority of Nigerians to become more productive. Udoma said that government was working on a programme with the private sector to launch made-in-Nigeria campaign.<\/p>\n

He said that the intent of the programme was to encourage more production and consumption of made in Nigeria goods and services. \u201cWe believe that with more patronage, Nigerian producers will be encouraged to improve the quality of their products. \u201cWe 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.<\/p>\n

\u201cAs the quality of our goods and service improve, both local and international demand for them will increase. Udoma said high local demand would give Nigerian producers the platform to explore the export market. He said that one of the fastest routes to grow the economy and create jobs for teeming population was by pursuing export-led growth.<\/p>\n

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\u2019s 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\u2019s reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma Nigeria\u2019s foreign reserves have reduced from 26.51 billion dollars from the second quarter of 2016 to $24.74 billion in September, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma has said. Udoma made this disclosure at the 57th annual conference of Nigeria Economic …<\/p>\n","protected":false},"author":11,"featured_media":8614,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[989,987,988],"coauthors":[2392,2393],"class_list":["post-8613","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-foreign-reserve","tag-minister-of-budget-and-national-planning","tag-sen-udoma-udo-udoma"],"yoast_head":"\nNigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigerias-foreign-reserves-deplete-to-24-74b-in-september-udoma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma - National Wire\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s foreign reserves deplete to $24.74b in September \u2013 Udoma Nigeria\u2019s foreign reserves have reduced from 26.51 billion dollars from the second quarter of 2016 to $24.74 billion in September, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma has said. 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Udoma Udo Udoma has said. 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