Abuja - Nigeria on Sunday announced the
appointment of global investment bank JP Morgan Chase as the
custodian of the nation's foreign reserves, which currently
stands at $35bn.
I was quite impressed reading this , Nigeria's $35 billion foreign reserve mostly from profits
due to the hike in oil prices..
To put this into some kind of perspective, the state of California in the US has an annual budget of about $100 billion , I wonder which Investment Bank manages their funds.
Appointing a global investment Bank to manage "our funds" seems like a good idea especially if those conditions set by Minister Soludo are adhered to.
I think I will sleep better at night knowing that the folks at JPMorgan Chase are prepared to partner with Nigerian Banks, Invest in Nigeria and besides the commission they receive from managing our funds
find it somewhere in their hearts, to " develop a liking for us "
This is progress compared to the custodians of the past who prefer ed personal foreign bank accounts , Never Invested in Nigeria and above all hated Nigeria and Nigerians.
at least steps are being taken in the right direction