Nigeria's External Reserves Hit 47 Billion Dollars
Nigeria’s
external reserves have risen to about $47 billion dollars. Dr
Shamsudeen Usman, Nigeria’s Finance Minister stated this in
Washington DC, while briefing journalists at the 2007 World Bank
and IMF annual meetings.
He attributed the rise to an average growth rate of about six
per cent last year and the rising oil prices.
The Challenges
The Minister, however, said that "the development poses a
number of new threats, especially in terms of macro economic
management and fiscal and
monetary policies."
He also identified provision of certain basic infrastructure
which is lacking in Nigeria, especially power and transportation
as another Herculean ahead of the government.
Currently, the Nigerian government is exploring various options,
including the Public- Private-Partnership (PPP) to consolidate
the gains of its ongoing economic and institutional reforms.
In addition many international investors have signified
intentions to play some role in the country’s energy sector.
More Representation
While acknowledging the recent appointment of Dr Ngozi Okonjo –Iweala
as the Managing Director of the World Bank, Nigeria used the
World Bank/ IMF gathering to call for greater voice and
representation for developing countries in the helms of affairs
at the international organisations.
According to Nigeria’s Finance Minister, “the greater voice
should come
through the quota arrangements. We are calling for at least a
tripling of the Basic Votes for our countries.”
Other African Finance Ministers also stressed the need for IMF
to engage other suitable Africans into higher positions. They
called for joint action by the World Bank and IMF to address the
risks posed by global economic imbalances.
NAN/QASIM/YINKA
