There is no way Nigeria’s foreign
She said also that food importation is the next item, which has been taking the bulk of the foreign reserves.
Adeosun, who disclosed this on Friday in Lagos stated that nothing could be more discouraging than seeing Nigeria, which exports crude oil, spend more in importing refined petroleum products from outside.
The Central Bank had in its quarterly report confirmed that the country’s external reserves had been on a constant decline, falling to $24.21bn in the second week of October, from $25.8bn in September 2016
It said the most disturbing scenario is that the reserves had its worst fall within two weeks ending Friday October 16 2016, shedding more than $600 million within the period, a situation that has seen Nigeria lose a total of $1bn in four weeks.
But the Minister insisted that government was working very hard to transform the country from consumption driven to an investment–driven nation.
She said, “We lose a lot of money exporting unprocessed raw materials. We don’t have the power to process and that’s why we need to build infrastructure to export processed products in order to earn more foreign exchange.”
Read also: Recession: Lai Mohammed forecasts bleak Xmas for Nigerians
According to her, all funds borrowed by the government must be tied to capital projects to boost infrastructure development and meet the conditions attached to the loans.
Confirming that government revenue had reduced, she attributed this to the sharp drop in price of oil at the global market, adding: “It’s a difficult time but we will get out of it. We will survive and get better. Nigeria we are very resilient.”
According to her, women were very critical to the country’s development as they represent 52 per cent of the country’s population constituting about 70 per cent SMEs operators in Nigeria.
The wife of the Vice President, Mrs. Dolapo Osinbajo, in her comment at the event urged women to take advantage of any opportunity created by the recession in improving their economic status.
By Emma Eke.
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...