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Published On: Sun, Apr 22nd, 2018

Economy: Nigeria receives massive vote of confidence – Adeosun

…We will continue to build reserves and save for the rainy day – Emefiele

From OKEY ONYENWEAKU, Washington D.C, USA

Minister of Finance, Kemi Adeosun Saturday in Washington D.C, USA said Nigeria has been praised for her good economic outlook.

Honourable Minister of Finance and Leader of Nigerian Delegation to the 2018 IMF-World Bank Spring Meeting, Mrs. Kemi Adeosun with the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, addressing a joint press briefing at 2018 IMF-World Bank Spring Meeting in Washington DC, USA.

 Speaking to Journalists during a combined briefing with the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele at the just concluded World Bank Spring Meetings, Adeosun said some countries were wishing to trade places with Nigeria given that all economic measurement indicators are in her favour.
She said there was huge confidence that the nations economy would turn out for good if the far reaching policies be pursued and implemnted diligently.
Adeosun said, ”we can grow this economy. Yesterday, there was a meeting of finance ministers of Africa and everybody was saying Nigeria we want to be you. You have a 20 percent debt to GDP and 6 percent tax to GDP, it’s obvious what you need to do and you are already growing. If you just fire your revenue and fix your infrastructure, you will grow. Some of the countries have no fiscal headway. One of my other colleague said I have debt to GDP of 68 and my tax to GDP is already 20, I have nowhere to grow”
According to her, the country still has a lot of room to grow but could only achieve that with the coming together of every person that can contribute toward achieving a common goal.
If we harnass the efforts, she said ”we are confident that by 2019, the growth will be far far more robust than what we have now if we can remain optimistic, but vigilant.
Similarly, Emefiele said the country was deploying all necessary measures to achieve better growth for the country in 2018 and beyond.
”Our reserves have risen close to about 48, it’s 47.93 as I speak with you but is not to say it cannot come down. It’s a fluctuating number. You make payments, you receive money. So if tomorrow you hear that it has dropped from 47.9 to 47 then moves to 50, don’t be surprised. I don’t want to raise hopes” He said.
 ”Going back to the issue of continue to build the reserves, we came to a meeting where one of the important issues that was discussed was the need to save for a rainy day and we must continue to rebuild reserves. That means that Nigeria’s decision to rebuild its reserves from as low as $23 billion in 2016, to almost $48 billion today was a decision in the right direction.

 

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