As at August 30, 2016, Norway had $890billion dollars in Sovereign Wealth Fund for their country while Nigeria has $1bn Investment in Sovereign Wealth Funds (SWF) for Nigeria.
Norway is one Country that served for the raining day. Norway has a population of less than five million people. It produces and exports mackerel fish (Titus Fish), but Norway also produces crude oil to the extent that today it has one of the highest Investments in its Sovereign Wealth Fund (SWF) in the World.
Norway takes very seriously its fish production to the extent that it survives on an annual basis from revenues it generates from export of mackerel (Titus) fish to many countries including Nigeria.
The Nigeria Excess Crude Account (ECA) had a balance of $2.078b dollars at the end of June. Currently, Nigeria external reserve is below $25bn while Brazil external reserve is over 300bn dollars.
Saudi Arabia's external reserve as at June 2016 was $555bn dollars still the Government of Saudi Arabia slashed the emoluments including allowances of all political office holders in Saudi by 20% few weeks ago.
Still, Nigeria with barely 24bn dollars external reserve prefer to seek for both external and domestic loans and seek to sell off National assets just for those in political offices to keep their over-bloated renumerations same as we begin the 4th Quarter on oct. 1st 2016.
Algeria has the highest external reseve among African Countries with over 155bn dollars as at May 2016. South Africa has 46bn dollars on external reserves as at March 2016.
Ironically, the largest crude oil producer in Africa, Angola, has already $18bn dollars in external reserve as at May 31, 2016.
The cost running governance across Federal and States in Nigeria is full of avoidable waste and extravagant Lavish of public funds that have not and will not make the states government and federal government save for raining days in Nigeria.
RPI..............Mission Rekindled.
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