N452/N456 (updated 21.10.16:noon)
buying/selling naira exchange rates per USD
Wednesday, 7 September 2016

Vice president Yemi Osinbajo made this statement while he as a guest speaker during the Delta State @25 Anniversary celebrations on August 26 2016.

His words:
"Today all of us recognise that we are in the worst economic crisis in the history of our nation. We are aware of the facts and figures of the fall in oil prices, oil production which stood at about 2.2 million barrels per day dropped to under 1.2 million barrels per day. A drop of almost a million barrels for every single day means that the country is earning 60 percent less than it was earning even less than one year ago.

"Vandalisation of pipelines and gas in Forcados in Warri has led to a 60 percent even more drop in gas production-(used to power plants).

"As of February 2016 for the first time in the history of Nigeria, we were producing 5000 Mega Watts. About a month ago we were even about half of that, 2,500 for an economy this size, one hundred and seventy million people. 2000 MW of power don’t even begin to make any sense.

"But we must accept that a lot of problems we are experiencing that has led to difficulty in Foreign Exchange. We need enough Foreign Exchange to be able to service that (forex) market. Inflation has also affected manufacturing, our GDP has affected practically everything. But I want to say that the good part of the problem lies in our hands to solve.

"I know that with the continuous engagement with the militants am sure we will be able to move along. But everything else that we are confronted with are problems that we can solve.

"I believe very strongly that with the kind of focus we have and the kind of dedication that we have, there will be a turnaround and that this country will prosper.

"I believe very strongly that one of the critical things for us is that we must have faith in our abilities to make this country truly great and I can tell you there is a dedication and honesty in the leadership of this nation today.

"It is possible for us to do things that can make this country truly a great nation, if the leadership are not concerned about making money for themselves but their concern is to turn this country around and to do well. I believe that we have the best opportunity to ensure that this country is a great one."
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