FGN declares growth on sovereign wealth fund and excess crude oil account

According to the Federal government of Nigeria;Nigeria’s External Reserves have grown by US$7 billion since October 2016.

The Sovereign Wealth Fund has declared an inflow of US$500m in 2016 and 2017 (the first inflows since the original US$1bn with which the Fund kicked off in 2012), and The Excess Crude Account has seen an inflow of US$87m, in 2017.
Phasing out of subsidy regimes for petroleum products and fertilizers.

The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria has combined with a newly developed soil map designed to aid fertilizer application, substantially raised local production of grains in 2016, yields improved from 2 tonnes per hectare to as much as 7 tonnes per hectare, in some states, and produced a model agricultural collaboration between Lagos and Kebbi states. Nigeria’s rice imports fell from 580,000 MT in 2015 to 58,000 MT in 2016

The Presidential Fertilizer Initiative, which involves a partnership with the Government of Morocco, for the supply of phosphate, has resulted in the revitalisation of 11 blending plants across the country. The benefits include annual savings of US$200 million in foreign exchange, and ₦60 billion annually in budgetary provisions for fertilizer subsidies. The scheme has also made it possible for farmers to purchase fertilizer at prices up to 30 per cent cheaper than previously available.

Ease of doing business reform successes: The Presidential Enabling Business Environment Council implemented a 60 National Action Plan between February and April 2017, with 70 per cent of the targets achieved.