Isaac Anumihe, Abuja
Centre for Economic Society of Africa (CSEA) has said that the gross official foreign reserves decreased in February 2019, relative to January 2019, although oil price stabilised at $60 per barrel.
Citing a data from the CBN, it said that the reserves shed $860 million in February, to end the month at $42.31 billion.
“Despite the relative stability of oil price accompanied with pick-up in domestic oil production and recovery of foreign portfolio investment inflows, the reserve declined in the review month. The oil price had settled above $60 per barrel since the end of January, partly on account of favourable geopolitics, and volumes have picked up due to a decline in sabotage” the group, said.
However, it noted the decline in reserve may have emanated from moderations in oil revenue at the back of marginal reduction in volume of export sales, given the generally dwindling global demand for Nigerian oil.
“Going forward, creating a conducive environment for export trade and investment, particularly focused on the non-oil economy, remains a crucial step in buffering the domestic economy from externally transmitted shocks and safeguading the nation’s foreign reserves” CSEA observed.
Zeroing on Nigeria in its publication: ‘Nigeria’s education in focus’, CSEA noted that Nigeria has the highest number of out-of-school children in the world, and children living with disabilities account for a significant part of that population. “Disabled pupils require specialised training and teaching procedures designed to meet their unique learning needs, such as sign language for the deaf or braille for the blind. However, Nigeria’s educational system is not inclusive of children with special needs. For example, learning outcomes of disabled pupils are not tested in standard literacy assessment in the demographic and health surveys (DHS).
“The few special schools that exist are found to be socially dysfunctional and irrelevant to the total well-being of persons with disabilities” it said.
Nigeria is Africa’s most populous country, with an estimated population of 190.9 million; it also has the largest economy, estimated at $376 billion in 2017 (World Bank, 2017). The economy hinges critically on the service sector, while oil is relied upon as the main source of foreign earnings. Despite its huge potential, Nigeria has failed to translate its resource endowment and strategic economic and demographic positions into sustained economic development.