Nigeria’s external reserves may have remained under pressure, as the reserves fell by 8.3 percent from $37.1b in January 2023 to $33.9b in July 2023.
The Director-General, Director General, Nigerian Economic Summit Group , Laoye Jaiyeola disclosed this during his presentation to the National Economic Council .
Reviewing the country’s current economic landscape, Jaiyeola said that investment inflows and the country’s investment/GDP ratio have dwindled since 2019, while crude oil exports and refined petroleum products import dominate Nigeria’s trade structure.
Jaiyeola also advocated efficiency in government spending, noting that there has been a lack of clarity on how the government spends subsidy savings, which must be addressed.
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