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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria Wasted $62bn Foreign Reserves

Posted on 20 September 2016

The governor of Central Bank of Nigeria, Godwin Emefiele, on Sunday explained how Nigerian frittered the foreign exchange it earned from sale of crude oil away on frivolities at a time the commodity was selling above $100 per barrel.
Speaking to journalists in Lagos, on steps being taken by the Federal Government and the apex bank to bring the country out of economic recession, Emefiele attributed the current challenges facing the Nigerian economy to its inability to save or invest the billions of dollars it earned from export of crude oil over the years in infrastructure like other countries have done……………………………………….Full Article: Source


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