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Nigeria foreign reserves hit $44.6bn mark

By David Abellegah on January 19, 2013

Okonjo Iweala

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala disclosed yesterday that Nigeria’s foreign reserve has reached $44.6 billion benchmark.

She disclosed this during the 31st Meeting of the Convergence Council of Ministers and Governors of Central Banks of the West African Monetary Zone, WAMZ, in Abuja.

The minister proudly said the country has been mounting defences against unforeseen economic tragedies.

She said, “on the back of greater efficiency in the management of our resources, our foreign reserves soared from US$32.6 billion at the end of 2011 to about US$44.6 billion now.

“The Excess Crude Account, ECA, balance has also improved from $4.57 billion in August 2011 to about $9 billion now. Our Sovereign Wealth Fund is up and running and will oversee the $1 billion set aside by the government. But more important, President Goodluck Jonathan’s administration is embarking on a strong program of economic diversification – which is the only real buffer for our economy.”

The Minister further disclosed that Nigeria has made a serious move in investing into agricultural, housing, solid minerals, and the creative industry sectors.

Her words, “In an effort to limit our dependency on oil revenue, and create jobs, it is a fact, that our present growth rate is being sustained by the activities of the non-oil sector.”

Dr. Okonjo-Iweala stated that since the 2008/2009 global economic crisis, the global economic environment has remained unstable.

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