Nigeria's Foreign Reserve Hits 36 Billion Dollars

Nigeria's Foreign Reserve Hits 36 Billion Dollars

Nigeria’s President, Goodluck Jonathan has said that Nigeria’s foreign reserve increased from 32.35 billion dollars in 2010 to 36 billion dollars in February 2011.

The president said this on Thursday, in Kaduna, North central Nigeria, in his closing remarks at the two-day northern economic summit organised by the Northern Political Summit Group (G-20)

Indices

President Jonathan noted that the increase resulted from the peace in the Niger Delta region and the sound economic policies of the government.

Jonathan also said that there had been significant growth in GDP as well as improved performance in the oil and non-oil sectors.

He said that the government’s commitment to a sustained improvement in economic management has impacted positively on the performance of the Nigerian economy over the last four years.

In his words, “the real GDP growth rate averaged 6.3 per cent per annum during 2006 to 2009 and 7.87 per cent for 2010.

The growth has been driven largely by the non-oil sector, particularly agriculture.

There has also been an improvement in the performance of our hitherto lagging crude oil sector from an annual average of a negative 3.7 per cent during the 2006 to 2009 to a positive 4.56 per cent in 2010.”

He stressed that the growth was possible, largely because of the successful implementation of his administration’s amnesty programme in the Niger Delta region.

Declining inflation rate

Jonathan said that the rate of inflation had maintained a declining trend beginning from the early 2010, noting that his administration is committed to pursuing a single digit inflationary rate.

He said that regional development was one of the key elements of the Vision 20-2020, which aimed at placing the country among the world’s biggest 20 economies by the year 2020.

Tackling desertification

Jonathan said that the government had earmarked 350 billion Naira for irrigation projects in the northern part of Nigeria.

He noted that the north had great potential and a lot to contribute to the growth and development of the nation.

He maintained that his administration would tackle the challenges of desert encroachment in the next four years and would embark on various programmes that would place the country on the path of sound economic growth.

NAN/Williams