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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration, Fund Profile/New Launches

Nigeria: FG targets U.S.$10 bln Excess Crude Account, U.S.$50 bln foreign reserves by DEC

Posted on 26 July 2012

Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okojo-Iweala, yesterday, disclosed that the Federal Government had resolved to rebuild Nigeria’s depleting Excess Crude Account, ECA, which recently went down to $3.6 billion to $10 billion by the end of this year.
She also disclosed that Nigerian economy remained vulnerable, and buffers needed to be built up, saying: “Foreign reserves have risen slightly from $32.9 billion at the end of 2011 to $37.7 billion (June 2012) but have declined recently on the back of global developments. She said the reserve stands at $36.37 billion, but government’s target is to keep the reserves at $50 billion by the end of the year.”……………………………………….Full Article: Source


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