| The nation is not even so badly hit today because we eventually listened the CME’s sustained call for savings at all levels. I recall having attended many meetings as then governor of Anambra, during which she reminded everyone that the price of oil could fall at any time and that we needed to boost national savings, presenting establishment of the Sovereign Wealth Fund (SWF) as another way of achieving targeted saving and long term investment. But the voice of the majority initially drowned her repeated pleas about saving for the rainy day.
The louder chorus was “Let’s spend now! The rainy day is already here! In fact is already flooding!” Meanwhile, it was only drizzling at the time! Fortunately, the Nigerian Sovereign Investment Authority was set up after a long and has financed the Abuja-Kaduna rail, the Lagos-Ibadan Expressway and the Second Niger Bridge, among other projects...............................................Full Article: Source |