We’ve restored stability in foreign exchange market, says President

President Muhammadu Buhari yesterday said the government had restored stability to the foreign exchange market.

“We have restored stability in foreign exchange market and have recorded improvements in our foreign reserves which have grown from 24 billion US dollars in September 2016 to 42 billion US dollars by mid-February 2018 and now 46 billion US dollars.

“This has been achieved partially because of the recovery of oil prices on the international market.”

The President spoke during the launch of the Focus Labs for the Administration’s Economic Recovery and Growth Plan (ERGP) in Abuja.

He added that his administration had made remarkable strides in creating a conducive business environment for investors, earning the World Bank’s ranking as one of the Top 10 most improved economies in 2017.

“This has encouraged both local and foreign investments in the last few months,” Buhari added.

The ERGP is a medium-term plan, 2017-2020, launched by the President in April 2017.

ERGP sets out the direction of government policy for the economy to put it on the path of a strong, diversified, inclusive and sustainable growth.

According to Buhari, the focus labs are part of the strategies being put in place to ensure implementation of the ERGP.

He also pointed out that focus labs had been successfully used in other countries to boost their economies.