bk.babe97y:

ROFLMAO! Nigeria has a much better trade balance than the U.S? Then You compare the U.S Foreign Reserves to that of Nigeria?! Oh boy. . . .

Luckily for u I've chosen to refrain from responding to idi*otic comments on this forum!

^You are actually the one making id!otic comments. You live in the US but unfortunately do not make use of the available knowledge around you. Here is an example of the silly comment you made:

bk.babe97y:

But, I'll tell u: If u ever hear that your country's reserve, a big economy as it is, ever gets to $1billion u better head for the nearest border because at that point it has all collapsed!

^In order to get you to understand that foreign reserves are not the sole measure of an economy's strength; I directed your attention to this:

aletheia:

Then you 'd better head for the US border because the Foreign Reserves of the USA (where you live) as large as their economy is; is only just $133bn; while China's is $2850bn. Do you wonder that China has the USA in a vise grip economically. And BTW, Nigeria has a much better Balance of Trade than the USA.

The point being made which so obviously escapes you is that Nigeria's FR relative to the size of it's economy is even better than that of the US where you live. The problem is that there are so many ignoramuses who have difficulty processing information parading on this forum and ventilating their ignorance on matters that they should educate themselves on. It is quite clear you do not know what the term Balance of Trade means; hence your response which is glaringly filled with ignorance:

bk.babe97y:

ROFLMAO! Nigeria has a much better trade balance than the U.S? Then You compare the U.S Foreign Reserves to that of Nigeria?! Oh boy. . . .

Nigeria does have a better balance of trade than the USA. You can access this information from any where: it's not hidden.

babaearly:

it's not everything that gets to your head you just spit out! think first

^You babaearly are often more objective than some on this thread: don't you think you should have found out what balance of trade means before coming to "spit out" what you wrote above? So tell me: was I wrong about Nigeria's balance of trade vis a vis the USA? As you can see I was right.

Ileke-IdI:

ROTFLMAO!! Respect our NL "Doctor"

^You are such a child. Really. Grow up.

babaearly:

Hey great googler, can you show us Nigeria's trade deficit and trade surplus for 2010?

^All the information you need is just a few mouse clicks away
Nigeria's Foreign Reserves and Balance of Trade:
http://www.cenbank.org/IntOps/Reserve.asp?MoveDate=4/15/2011%206:35:09%20AM
http://www.cenbank.org/out/2010/publications/reports/rsd/development%20in%20the%20external%20sector%20of%20nigerian%20economy.pdf
Nigeria's economic indicators (including those of 2010):
http://www.economywatch.com/economic-statistics/country/Nigeria/

Current Account Balance (US Dollars) for Nigeria in year 2010 is US$ 26.969 Billion

This makes Nigeria No. 13 in world rankings according to Current Account Balance (US Dollars) in year 2010. The world's average Current Account Balance (US Dollars) value is US$ 5.40 Billion; Nigeria is US$ 21.57 more than the average.

In the previous year, 2009, Current Account Balance (US Dollars) for Nigeria was US$ 23.78 Billion Current Account Balance (US Dollars) for Nigeria in 2010 was or will be 13.43% more than it was or will be in 2009.

In the following or forecasted year, 2011, Current Account Balance (US Dollars) for Nigeria was or will be US$27.54 Billion, which is 2.11% more than the 2010 figure.

Source: http://www.economywatch.com/economic-statistics/Nigeria/Current_Account_Balance_US_Dollars/

You can also try the economist.com (IMO, one of the best news magazines out there for lay men wishing to improve their understanding of economic affairs)

This is the great stride by the government. Kudos to you President Goodluck Jonathan.

Vote Jonah tomorrow.

I have heard a lot about foreign reserves lately and not having followed the matter, concluded they must stand at around $1 or $2 billion. So I was surprised to see a figure of $35 b. What don't you understand in that? And if they stood at $40.83 billion last year and now stand at $35 billion I don't find that outrageous since foreign reserves go up and down. The question would then be what reasons lie behind the fall - is it depleting revenues? Exchange rate fluctuations? Government expenditure?

I think you are confusing ECA- Excess Crude Account with Foreign Reserve. The former was depleted by JEG and co -over $20b spent in less 1 year. BTW, this account is illegal in the first place, it doesnt have any legal backing as Supreme court ruled in favour of 36 governors that FG does not have the power to operate such account. OBJ and Yaradua used their presidentail prerogatives to operate the account, but JEG needed to curry favour from the governors and decided to share the money with them.

[b][/b]

paddy_lo:

[b]What is important in Finance is the trajectory of the reserves. . in other-words if u put a chart up its rising steadily from left to right

The steady rise has to do with high oil prices due to the war in Libya which started in january 2011. . so theres nothing political about the timing

also if u cared to know the accountant general always released the figures for the ECA at the end of every FAAC meeting. . u should have looked for the numbers yourself

I am aware of internal or local debt at $32Billion which is actually a very good thing and needs to rise. . because those are Naira denominated bonds

creation of a Local Sovereign Bond market and yield curve for Nigeria means we are joining the developed countries in deepening our financial system

sorry but the business community is solidly behind GEJ. . .and there are no other stable west African countries

Nigeria is the big dawg. . .$35 Billion in External reserves and $7 Billion in ECA is larger than Ghanas economy(2nd largest in WA) at $18 Billion dollars

While our $216 Billion dollars Nominal GDP Economy is number 41 in the whole world and 31 if u use PPP

Finally GEJ will set up a SWF to replace the ECA. . .This alone should earn him your vote if u were not so partisan

If this was set up during buharis days in 1983( something he cold have done by fiat. . instead he concentrated on OIC membership), we would not be where we are today. . .

Nigeria, Iraq and Ecuador are the only OPEC members without a SWF. .

Jonathan looks set to change that. . .he is the man lol. . .[/b]

The bolded part of your statement shows you have no clue as to why counteries keep and maintain foriegn reserves and why countries like china, brazil and russia despite earning more than nigeria in oil and gas revenues do not allow thier reserves to grow astronomically like you projected (moving from left to right).
Your comparison of Nigeria and Ghana's economy is laughable. Have you ever heard or read the USA comparing her economy with that of Mexico or Canada?
Creating SWF you think is the answer to growing Nigeria's economy? Of what benefit is SWF to the average nigerian if this  corrupt PDP led govetnment as she often do end up using the fund to pay for contracts awarded yo thier peeps at the rate x2 of actual cost?

I find it strange you consider the $32bn internal debt as healthy and even suggest it needs to grow! I think you need to go back and re-take EC-101! May remind you that bond is a financial instrument which commands interest at an agreed rate when it yields.
Maybe you need to go read the honest opinion Nigerian born World bank VP concerning the run away internal debt profile especially that of FG.

As for the ECA, sorry this info has been hidden from nigerians and if you are honest with yourself you would agree that the decision to release this information is an attempt by the government to cool the nerves following several criticism on the way the ECA was mismanaged! Don't worry these electioneering tactics are mot new, Bush did it in 2008 to try favour the rebulicans, Brown tried it in 2010 to try to favour labour but you know what, they all lost thier elections.