Nigeria’s Foreign Reserve Hits $44bn…. Highest in 5 years, strongest economy in Africa

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…Highest in 5 years, strongest economy in Africa –Buhari

From Christiana Gokyo, Jos

President Muhammadu Buhari has said that the country’s foreign reserve is now USD 44 billion which is highest in the last five years.

According to him, the implication is that the nation remains the strongest economy on the African continent due to the policies put in place by his administration.

He was speaking at the graduation ceremony of Participants of Senior Executive Course (SEC) No. 40 at the National Institute for Policy and Strategic Studies (NIPSS) Kuru near Jos recently.
He explained that his administration has made substantial progress despite earning so much less than the previous one, saying that in 2016, the power generation capacity was less than 4,600 MW, but now is 8,000 MW.

The President assured that his administration was working assiduously to address the legal and institutional challenges in the transmission and distribution chain so that the system could uptake all the power generated.
“We have put in place several policies to ensure prudence and transparency in the management of public resources,” he noted.

“We have articulated policies to address social justice, investing in the poor and creating employment for the youths,” he stated.

The President further stated, as the apex policy think-tank, the National Institute has a critical role to play in articulating policy thrust and direction in all areas of our national life.

He expressed happiness that this year’s graduation was the 40th in the history of the institute, explaining that there is no doubt that throughout this period, the institute has played a prominent role in the nation’s policy arena since from the beginning in 1979 when it started with the first Senior Executive Course.

He noted that the institute conducts policy-relevant training at various levels, as well as brainstorming sessions on topical national issues, expert and eminent persons’ forums, national workshops and conferences.

According to him, outputs from its training programmes and research activities have contributed over the years in formulating, refining and implementing policy in various aspects of the nation’s development, stressing that the institute has produced vibrant alumni who have occupied strategic positions or are still in key positions contributing their quota in national development.

“As a government, we shall continue to provide the institute with the necessary support to enable it play greater role in developing policies as well as providing direction for good governance in the nation,” he assured.

He added that his administration’s policy thrust on good governance involves transparency and prudence in public finance, social justice, investing in the poor and creating employment for the youth.

He assured that the federal government remains committed to the welfare of all Nigerians and clearly demonstrated this by the prompt and proactive measures to alleviate the suffering of Nigerians affected by the recent flooding in some parts of the country.

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