* Foreign Reserves have peaked at $40b, the highest level in about four years, and up from $24 billion just a year ago, even though when we came in, the price of oil had crashed woefully.
* According to the National Bureau of Statistics (NBC), headline inflation has fallen for 11 consecutive months, standing at 15.37% as at Dec. 2017. This is the lowest inflation rate since Jan 2017, and it has met and surpassed the target set for inflation in the Administration’s Economic Recovery and Growth Plan (ERGP).
* Our determined implementation of the Treasury Single Account (TSA) has stopped the haemorrhaging of the treasury. Some 108 billion Naira has been saved from removal of maintenance fees payable to banks, pre-TSA. The nation is being saved 24.7 billion Naira monthly with the full implementation of the TSA.
* The elimination of ghost workers has saved the nation 120 billion Naira
* At about 1.8 billion dollars, the capital inflows in the second quarter of 2017 were almost double the $908 million in the first
* In the wake of a stable Naira and increased investment inflows, Nigeria’s stock market emerged one of the best-performing in the world, delivering returns in excess of 40 percent.
* Nigeria rose 24 places on the World Bank’s Ease of Doing Business ranking, and earned a place on the List of Top 10 Reformers in the world.
* According to Q3 2017 figures, agriculture export is up year-on-year by 25%, solid minerals exports are up year-on-year by 78%, raw materials exports are up 70% year-on-year and manufactured goods exports are up 22% year-on-year.
* Government agencies such as the Nigeria Customs Service are reporting highest-ever revenue collection, while JAMB, under the new management appointed by President Buhari in 2016, remitted N7.8 billion to the coffers of the federal government. The total amount remitted by JAMB between 2010 and 2016 was a paltry N51 million!
These positive indices may not have immediately impacted positively on Nigerians, but Nigerians will definitely get a new lease of life a short while from now. This is because the good news from the agricultural sector, which is recording a bumper harvest, will bring down the cost of foodstuffs, especially such staple as rice, and our massive Social Investment Programme will ease the pain of the most vulnerable in the society.
When we assumed office in 2015, some 6 million farmers were involved in rice production. Thanks to the Anchor Borrowers’ programme of this Administration, we have grown that number to over 12 million farmers. The result is that our rice import from Thailand alone has dropped from 644,000 metric tonnes to 22,000 MT in just two years. This is phenomenal.
Apart from rice, Nigeria is also doing well in other grains, especially Millet, Sorghum and Maize. We are now the second largest
producer of sorghum after the US, the third in millet after India and our breweries are now enjoying local sourcing of those commodities.
For maize, we are producing 10 million tons while we need about 13 million tons for both human and animal nutrition. Nigeria leads the world in the yam and cassava production. We account for 70% of the world’s yam production. In two years, we hope to be the world’s
largest exporter of yam! Overall, our ambition is that agriculture should rise from 25% to 40% of GDP, so that we can banish poverty and
overcome our economic anxiety.
Our Social Investment Programme is Nigeria’s most ambitious social welfare programme ever. Currently, 5.2 million primary school children
in 28,249 schools in 19 states are being fed daily; 200,000 unemployed graduates have enlisted into the N-power Job Scheme, and a quarter of a million loans already distributed to artisans, traders, and farmers.
Finally, our investment in infrastructure is simply unprecedented. This is because infrastructure is key to faster economic growth and development.