Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria’s external reserves to deplete this year – Report

    Nigeria’s external reserves to deplete this year – Report

    February 24, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
     …Inflation to trend above 10%
    Kunle Kalejaye 24 February 2016, Sweetcrude, Lagos – 
    Nigeria’s external reserves which stood at $34.47 billion as at December 31, 2014, declined by 15.67 percent in 2015, and is expected to deplete further in 2016, according to a report by Guarantee Trust Bank, GTB.
    Mrs. Kemi Adeosun, Minister of Finance

    The report, tagged ‘Nigeria: Macroeconomic and Banking Sector Themes for 2016’,  said the nation’s current external reserves of $29.07 billion would deplete for obvious reasons.

    “The country’s external reserves which stood at $34.47 billion as at December 31 2014, declined by $5.4 billion (15.67%) to close the 2015 financial year at $29.07 billion on December 31 2015.
    “With the price of oil, which account for more than 90 percent of the country’s exports, hovering around $28 per barrel in January 2016 and backlogs of unmet foreign exchange demand, we expect further depletion of the reserves in 2016,” the report said.
    It maintained that the depletion of the external reserves will make Nigeria’s economy unattractive for foreign investors.
    The report also stated that the crash in yields on treasury bills and uncertainty around the true pricing of the naira would suspend the inflow of capital into the economy.
    “The current negative real return in the local economy makes ‎investment in Nigeria’s assets by foreign portfolio investors unattractive,” the report added.

    Related News

    AfDB & IsDB partner to tackle fragility and build resilience in Africa

    Edun urges strategic use of N23trn pension assets to drive economic growth

    Nigeria records progress in crude oil, refined products sales in Naira

    E-book
    Resilience Exhibition

    Latest News

    Schneider Electric’s Panel Builder Programme empower local builders

    May 12, 2025

    IAE 2025: Exploring global partnerships to unlock Africa’s energy potential

    May 12, 2025

    Oil prices jump over 3% on US-China tariff reductions

    May 12, 2025

    AfDB & IsDB partner to tackle fragility and build resilience in Africa

    May 12, 2025

    Oil prices rise, US-China talks fuel optimism

    May 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.