GOVERNOR, Central Bank of Nigeria, CBN, yesterday, disclosed that the nation’s external reserves have risen to $38.2 billion, the highest in 39 months.

Emefiele disclosed this in Agbara, Ogun State while commissioning Unilever Plc’s 10,000 metric tonnes Blue Band factory.

Emefiele stated: “We have seen reserves move up from the $23 billion I talked about in October 2016, but as I speak today, external reserves are $38.2 billion.”

Emefiele said that the Unilever plant was made possible by the foreign exchange restrictions placed on the 41 items.

He said: “When the restriction of foreign exchange (forex) for the 41 items came on board about two years ago; before that time, Unilever had a factory producing Blue Band margarine. But margarine was also part of the 41 items. The Managing Director and the executive team of Unilever Nigeria visited me in Abuja and said they wanted us to grant them some form of forbearance. I said there was not going to be any forbearance, but that if he promised to re-establish the factory in Nigeria because as at that time their factory had been dismantled in Nigeria and taken to another country.

“And he (Unilever managing director) made a promise that between 12 to 18 months the factory would be re-established in Nigeria. Based on that, we granted them some form of forbearance that made it easy for them to import margarine into Nigeria, but we kept monitoring them and we were discussing.

“The entire essence is to say that by re-establishing that factory here in Nigeria, he has created direct jobs for Nigerians in this factory. He created indirect jobs for Nigerians by virtue of the fact that he buys palm oil which is part of the formulation that he uses in producing margarine.” What does it take produce margarine? It is mixing oil and water. By creating indirect jobs by buying from people producing oil in Nigeria, he feeds millions of people. “That is the entire idea. I keep saying we do not have foreign exchange to allocate to import products that can be produced in Nigeria. I am happy that Unilever has proved us right that Blue Band margarine can be produced in this country. So far they are doing about 10,000 metric tonnes per annum and he has promised that he is going to ramp it up to 50,000 metric tonnes. By doing so you create jobs, which is what we are talking about. By creating jobs, you save the country forex that is needed to create jobs.”

https://www.vanguardngr.com/2017/12/nigerias-external-reserves-hit-39mths-high-38-2bn-emefiele/

http://www.thisdaylive.com/index.php/2017/12/06/external-reserves-hit-four-year-high-of-38-2bn-on-the-back-of-eurobond-issue/

And they still say Buhari is not working... From $28 billion handed over to him in 2015 to $38 billion in November 2017. However the same reserve fell from $53 billion in 2008 to $43 billion in 2012 and then to $28.5 billion in may 2015 with nothing tangible to show for the depletion of the reserves. The worst is that even when oil prices were above 100 dollars our reserves instead of going up was still going down.

The value of money is in the spending!

Shock in the camp of wailers(enemies of progress)

na that one people wan chop...

But meanwhile, due to the government borrowing policies, Nigeria's debt is well over 60 billion dollars. So why stack money in foreign reserve when you are neck deep in debt.?

kahal29:
GOVERNOR, Central Bank of Nigeria, CBN, yesterday, disclosed that the nation’s external reserves have risen to $38.2 billion, the highest in 39 months.

Emefiele disclosed this in Agbara, Ogun State while commissioning Unilever Plc’s 10,000 metric tonnes Blue Band factory.

Emefiele stated: “We have seen reserves move up from the $23 billion I talked about in October 2016, but as I speak today, external reserves are $38.2 billion.”

Emefiele said that the Unilever plant was made possible by the foreign exchange restrictions placed on the 41 items.

He said: “When the restriction of foreign exchange (forex) for the 41 items came on board about two years ago; before that time, Unilever had a factory producing Blue Band margarine. But margarine was also part of the 41 items. The Managing Director and the executive team of Unilever Nigeria visited me in Abuja and said they wanted us to grant them some form of forbearance. I said there was not going to be any forbearance, but that if he promised to re-establish the factory in Nigeria because as at that time their factory had been dismantled in Nigeria and taken to another country.

“And he (Unilever managing director) made a promise that between 12 to 18 months the factory would be re-established in Nigeria. Based on that, we granted them some form of forbearance that made it easy for them to import margarine into Nigeria, but we kept monitoring them and we were discussing.

“The entire essence is to say that by re-establishing that factory here in Nigeria, he has created direct jobs for Nigerians in this factory. He created indirect jobs for Nigerians by virtue of the fact that he buys palm oil which is part of the formulation that he uses in producing margarine.” What does it take produce margarine? It is mixing oil and water. By creating indirect jobs by buying from people producing oil in Nigeria, he feeds millions of people. “That is the entire idea. I keep saying we do not have foreign exchange to allocate to import products that can be produced in Nigeria. I am happy that Unilever has proved us right that Blue Band margarine can be produced in this country. So far they are doing about 10,000 metric tonnes per annum and he has promised that he is going to ramp it up to 50,000 metric tonnes. By doing so you create jobs, which is what we are talking about. By creating jobs, you save the country forex that is needed to create jobs.”

https://www.vanguardngr.com/2017/12/nigerias-external-reserves-hit-39mths-high-38-2bn-emefiele/

http://www.thisdaylive.com/index.php/2017/12/06/external-reserves-hit-four-year-high-of-38-2bn-on-the-back-of-eurobond-issue/

What about our poverty level

And the tables of Nigerians hit all time low for food.........nonsence.

kahal29:
And still they say Buhari is not working...

How does that affect the average Nigerian on the street or how has it been affecting the Nigerian economy?
It's like having a sophisticated tool without the technical knowledge to out it into its optimum use.




On a lighter note;
Why is it that when they are shooting a movie in Nigeria you'd see passersby watching. The annoying thing is even dogs and the chickens too would stay and be looking at the camera.

GetUmad:

How does that affect the average Nigerian on the street or how has it been affecting the Nigerian economy?
It's like having a sophisticated tool without the technical knowledge to out it into its optimum use.




On a lighter note;
Why is it that when they are shooting a movie in Nigeria you'd see passersby watching. The annoying thing is even dogs and the chickens too would stay and be looking at the camera.

You need to take a course in reserve mgt and the uses of external reserve to answer your questions.

kahal29:


You need to take a course in reserve mgt and the uses of external reserve to answer your questions.

Nope I don't need to. Tell me if your president knows anything about what you just wrote there. Tell me if Emefiele and Adeosun understand the dynamics of management of external reserve to the benefit of "growing" a "growing or dwindling economy".

You now see who needs to take a practical class and not just a "course" in whatever?

Kudos to a saving govt

Four years will soon ellapse yet no single achievement except giving fulani terrorists support to kill and maim innocent people!

3 Million jobs

Standard of living has hit an all time low. What we need is a minister of happiness and marital fulfilment. APC KWENU

:DR

When ur reserve is about half ur debt.

How much have u pack in ur pocket

L

What's my share with this development?

Do not save this money for PDP to come and loot again oo. It's their work to squander.

Election money

We will survived..
Register your own Limited Liability Company for just 85k for 5 working days and be your own boss.. Testimonies from fellow Nairalanders on my signature trend...

Good news only for the naive

Nigeria local debt increased by $31billion & foreign debt increased by $5 billion under buhari's 3 years.

IMF & World bank has said Nigeria should not get any more loans because our debts does not match our income or reserves.


This government has mastered the art of deception and lies. We are waiting for the next batch of yams exported to europe

speechless!!!

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kahal29:
And they still say Buhari is not working... From $28 billion handed over to him in 2015 to $38 billion in November 2017. However the same reserve fell from $53 billion in 2008 to $43 billion in 2012 and then to $28.5 billion in may 2015 with nothing tangible to show for the depletion of the reserves. The worst is that even when oil prices were above 100 dollars our reserves instead of going up was still going down.

Have you seen our current debt profile? We have borrowed more than we have added to reserve at this rate. Guess what? The interest rate for borrowed money is higher than d interest we get for our reserve. Do the quick math bro. Not saying we should shore up our reserve buy they keep sounding like they have slowed the bleeding.

Hope we won't hear otherwise soonest.

#IStandWithNaija.

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