What is the sense in saving over 40 billion dollars in another man’s country and borrowing over 5 billion dollars to fund your national budget? Whoever said it makes more sense to leave all your jara money in foreign banks, supporting those economies and leaving your own financial institutions and economy comatose has done injustice to us?
I know a little behind the concept of foreign reserves, but for goodness sake, is it not even possible to save 2/3 of this money (our earnings) in Nigeria. Imagine our government saving 25 or 30 billion dollars in Nigerian banks.
As at today, the total equity/ market capitalisation of the average Nigerian bank is less than N1 billion dollars.
But no, Nigerians and Africans keep their money (trillions of dollars) in America and European countries, enabling these countries to invest same in their country. Free money. So the bankers there are not given unnecessary deposit target but in Nigeria…
Yes, these foreign banks use the money to give single digit loans to businesses that build their economy and export to us to buy.
The Nigerian retailers and consumers buy from the Americans and Europeans, then send the proceeds back to America and Europe for them to plough and continue the cycle.
That is why these developed economies will always be ahead of Nigerians.
We need to receive sense.
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