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External Reserves Drop By $523m In Two Weeks
Nigeria’s external reserves dropped by $523million to $34.475billion as of March 16 from $34.998billion as of March 1, figures from the Central Bank of Nigeria has revealed.
The reserves, which had continued a downward trend of recent, lost $1.1billion in February, after it dropped from $36.19billion as of February 1 fell to $35.09billion as of February 26.
The CBN had recently stated that Nigeria’s external reserves at $35billion was sufficient to finance the country’s seven months’ imports.
When the reserves had experienced gains in the last quarter of 2020, the CBN disclosed that at $36.46billion, it could finance 8.4 months of import of goods or 6.3 months of import of goods and services.
According to the CBN’s monthly economic report for the fourth quarter of 2020, the performance of the external sector improved in the review quarter, despite the challenges of sluggish global recovery, weakened global demand, soaring second wave of the Covid-19 pandemic and tense political environment in the United States.
It stated that an estimated overall balance of payments surplus of $0.79billion was recorded in the fourth quarter of 2020, from the $0.14billion recorded in the third quarter of 2020.
The CBN stated that the deficit in the current account widened to $5.27billion in the review period, compared with $3.34billion in the previous quarter.
It stated, “A net disposal of $2.5billion was recorded in the financial account, relative to $2.66billion in the preceding quarter.
“The external reserves at end December, 2020, was $36.46billion, compared with $35.67billion at end September, 2020, indicating an accretion of $0.79billion.
“This could finance 8.4 months of import of goods or 6.3 months of import of goods and services.”
The improvement in external reserves stock was attributed, mainly, to foreign exchange reforms undertaken by the bank to block leakages and ensure enhanced inflow of remittances from Nigerians in Diaspora.
According to the CBN, public external debt stock stood at $31.99billion or 7.7 per cent of the Gross Domestic Product at end-September, 2020, which was within the sustainable threshold of 40.0 per cent of GDP.
In the foreign exchange market, the average naira exchange rate at the I&E and the BDC windows depreciated to N389.04/$ and N468.17/$ in the fourth quarter of 2020, from N386.60/$ and N461.94/US$ in the third quarter of 2020, respectively, the CBN stated.
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Let’s Approach Regional Development Issues Differently – Fubara …As S’South Govs Host Fubara To 50th Birthday Celebration
Rivers State Governor, Sir Siminalayi Fubara, has sued for a change in the current approach adopted by South South Governors in their pursuit to achieve holistic regional development and economic prosperity.
The governor insisted on de-emphasis in vested individuals’ political interests while looking at the bigger picture of achieving enduring regional integration that will strengthen unity of purpose to change the trajectory of development in the region.
Fubara made the appeal during the meeting of Governors of South-South States, under the auspices of BRACED Commission, at the Bayelsa State Government House in Yanagoa on Tuesday.
This was contained in a statement by the Chief Press Secretary to the Governor, Nelson Chukwudi.
BRACED is an acronym for Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta.
He said: “I want to appeal that if we have to succeed in this drive, we need to keep our political differences aside and understand that the struggle, as at today, is for posterity, for the development of our region.
“It is really sad that in Niger Delta that is the economic base of this country, the construction of a road that you tagged ‘East-West Road’ could be an issue, that we need to beg, protest, and complain to get it fixed. I don’t think it is proper.”
Governor Fubara stated that it is not that the federal authorities do not understand that Niger Delta needs the road but quickly added that they have seen that even the people of the region do not take themselves seriously.
The governor said the moment Niger Delta people stopped playing to the gallery, and place value on themselves, outsiders will have no option than to accord the region and its people due regard.
Fubara said: “On my part, I want to say this: This is not the first time we are meeting. For me, I followed the course of the region meeting in a forum that we tagged “BRACED Commission.”
“BRACED Commission is also one of the bodies that was constituted at that time to support and work out development strategies for this region. But what I am seeing today is just limiting this meeting to only BRACED COMMISSION.
“We need to widen the scope where other leaders of the region should be part of the discussion of the development of the region, and I think this is the direction that will help the region.”
Reading the Communique of the meeting, the new Chairman of the Forum of Governors of South-South States, and Governor of Bayelsa State, Senator Douye Diri, said they support the Federal Government Tax Reform Bills, and urged President Bola Tinubu to extend the Value Added Tax (VAT) sharing percentages to oil and gas derivation.
He stated the Forum’s request to the Federal Government to urge relevant stakeholders and agencies to extend remediation of polluted environment ongoing in Ogoni land to other impacted communities and States in the region.
Governor Diri also said that the Forum resolved to establish a structural regional security network to enhance safety and security, foster stable Niger Delta region conducive for economic growth and prosperity.
Highlight of the event was the hosting of Governor Fubara to a surprise 50th Birthday celebration by the Governors of South-South States at the Government House in Yenagoa.
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Fubara Lauds Tinubu For Setting Up Education Load Fund … Vows To Ensure Rivers Benefit Maximally From Scheme
The Rivers State Government has applauded President Ahmed Bola Tinubu for conceiving the idea of setting up the Nigeria Education Loan Fund (NELFUND) which has opened up opportunities for youths to acquire tertiary education irrespective of their financial status.
Rivers State Governor, Sir Siminalayi Fubara, gave the commendation while playing host to a delegation from NELFUND who came on an advocacy visit to the Government House in Port Harcourt on Tuesday.
Represented by his deputy, Prof. Ngozi Nma Odu, Governor Fubara said in developed countries it is common for people to go through school with loans which they sometimes pay all throughout their lives, noting that “for us, it is more accessible and more friendly because you would be required to pay back the loan two years after your National Youth Service.
“It is a win-win situation; it is a situation where the youths in Nigeria should not say because my parents are poor or passed away I cannot improve on my educational growth. This offers them a golden opportunity and I am glad you came for this advocacy.”
The governor urged NELFUND to intensify its advocacy to let the people know how they can benefit from it, adding that it is more important when talking about vocational institutions.
“If you look at the developed countries it is people that went to the vocational schools that make so much money, because it is pricey to get somebody to do anything, we need to instil this into our people, our youths, because people sometimes tend to look down on people that went to vocational schools, it should not be,” he said.
Fubara expressed delight with the NELFUND programme and assured that the State Government would do whatever it can to ensure Rivers State benefits maximally from the scheme.
In his remarks, the Managing Director and Chief Executive of NELFUND, Dr. Akintunde Sawyer, informed the governor that they were in Rivers State to seek the support of the State Government towards the loan, stressing that President Tinubu has directed them to ensure no Nigerian student who has the ability and desire to get educated at tertiary level is denied the opportunity due to lack of funding.
He explained that the scheme provides interest-free loans to students who apply, adding that these loans are not repayable until two years after their Youth Service when they must have gotten a job.
News
UK Appoints British-Nigerian As Trade Envoy To Nigeria
A British-Nigerian politician, Florence Eshalomi, has been appointed as the United Kingdom’s trade envoy to Nigeria.
Her appointment makes Eshalomi the second Nigerian to hold the position.
Confirming her appointment on X on Tuesday, she wrote: “It is an honour to have been appointed as the United Kingdom’s Trade Envoy to Nigeria.
“I’m looking forward to building on my close ties with Nigeria to promote a strong and flourishing economic relationship between our two great nations.
“I am looking forward to strengthening the UK’s relationship with Nigeria to explore shared growth and opportunities for both countries.”
Announcing the appointment in a statement on Tuesday, Jonathan Reynolds, the UK’s Business and Trade Secretary, said the decision was aimed at attracting investment into the UK and boosting economic growth.
“I’ve launched a new team of trade envoys who will use their experience, expertise, and knowledge to unlock new markets around the world for British businesses, attract investment into the UK, and ultimately drive economic growth,” Reynolds said.
Eshalomi, 44, is an MP representing the Vauxhall and Camberwell Green constituency.
She holds a Bachelor of Arts (Hons) in Political and International Studies with Law from Middlesex University.
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