Democracy Day Broadcast: External Reserves Grew By $2.58b In 2 Months – Buhari
The Nigerian President, Muhammadu Buhari has revealed how the country’s external reserves improved and experienced growth last month in the face of COVID-19 pandemic that has caused drastic drop in oil production.
mNaija learnt that the president said this during the democracy day broadcast on Friday where he stated that the external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May 2020 which is enough to finance seven months of import commitments.
“The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May 2020 which is enough to finance seven months of import commitments. We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.” said the President.
Furthermore, the Federal Government assured Nigerians that it would revamp the cotton, textile and garment sector via a CBN Textile Revival Intervention Fund that would considerably reduce foreign exchange spent on cotton and other textile imports.
According to the President, his administration intends tackling food security with an initiative tagged “Grow What We Eat” and “Eat What We Grow”Democracy Day