Sola Osofisan
05-13-2007, 02:23 PM
Obj did something right, huh?
External reserves of the country has grown by 472.26 percent between 2003 when president Olusegun Obasanjo was re-elected and April 26, 2007, a month before paving way for newly elected President, Umar Yar’ Adua.
As at the end of 2003, external reserves which stood at N7.57 billion (N961.31 billion) rose to $43.32 billion, about N5.50 trillion as at April 26, 2007. There are however diverse opinions whether the amount should be used to developed rosty infrastructure or be saved for the rainy day.
According to Chris Itsede, director general of the West Africa Institute for Foreign Exchange Management (WAIFEM), the pro-school is of the opinion that if external reserve build up is from stable sources, then a separate investment institution may be establish to earn returns from the reserves.
http://www.businessdayonline.com/?c=53&a=13169
External reserves of the country has grown by 472.26 percent between 2003 when president Olusegun Obasanjo was re-elected and April 26, 2007, a month before paving way for newly elected President, Umar Yar’ Adua.
As at the end of 2003, external reserves which stood at N7.57 billion (N961.31 billion) rose to $43.32 billion, about N5.50 trillion as at April 26, 2007. There are however diverse opinions whether the amount should be used to developed rosty infrastructure or be saved for the rainy day.
According to Chris Itsede, director general of the West Africa Institute for Foreign Exchange Management (WAIFEM), the pro-school is of the opinion that if external reserve build up is from stable sources, then a separate investment institution may be establish to earn returns from the reserves.
http://www.businessdayonline.com/?c=53&a=13169