World Economy

Nigeria Foreign Reserves Grow to $45 Billion

Nigeria Foreign Reserves Grow to $45 BillionNigeria Foreign Reserves Grow to $45 Billion

The increase in Nigeria’s foreign reserves to $45 billion is an indication that the government is implementing good economic policies. Chief Segun Oni, the ýdeputy national chairman (South), All Progressives Congress, said that it was an all-time huge savings by President Muhammadu Buhari.

He said that the reserves profile was a radical departure from the constant depletion that happened during the administration of People’s Democratic Party, NNA reported.

He commended Buhari for providing strong and transparent leadership that led to growth of the foreign reserve “through discouraging of unnecessary importation which has reduced the nation’s import bill”.

“We must not forget where we are coming from. The economy was badly managed; foreign reserves were being depleted to satisfy the consumption cravings of a greedy political and business class. The APC government, under the leadership of Buhari, is turning things around daily. The economy is now stable. It’s stabilized, it can no longer go down; it can only come up. This is one of the main achievements of this administration,’’ Oni, former governor of Ekiti state, said.

He lauded the government for getting the economy out of recession and urged Nigerians to take advantage of opportunities being created by the federal government, particularly in the agriculture and productive sectors, to improve their lives.

 Free Money Over

According to Oni, the days of access to free money are over and the way forward for Nigerians is to rediscover their entrepreneurial, creative and hardworking spirit. “With this, more people will become financially able and independent. More people will become employers of labor, rather than job seekers.

“The result will be a more robust national economy and a more productive citizenry; all of us will be better for it,” he said.

Oni also said that with the pragmatic manner the economy was being managed, there was no doubt that the nation’s foreign reserves would hit and surpass $50 billion soon.

He urged state governments to emulate the transparent, seriousness and focus of federal government in handling of their own financial matters to enable people feel the impact of improvement in the economy.

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