Nigerian Sovereign Investment Authority Moves Forward With 1 Billion
According to the press release, “Implementation of the SWF will commence with an initial fund of $1 billion.
Speaking on the issue, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala stated that ‘The establishment of an institutional foundation for the Sovereign Wealth Fund is a victory for all Nigerians and a credit to the President who assented to the Bill in May last year”. She added that it also demonstrates the determination of the Federal Government to improve the lives of Nigerians through far sighted policies and initiatives. “We have started putting together a quality team to ensure that we realise the objectives that inspired the establishment of the SWF. I am sure the team realises what is at stake and is ready to do the necessary work so that the country can start enjoying the benefits as soon as possible.’
It will be recalled that the Act establishing the Authority received presidential assent on May 27, 2012 as an independent statutory corporation with a mandate to:
- Build a savings base for future generations of Nigerians;
- Enhance the development of Nigerian infrastructure
- Promote fiscal stability for the country in times of economic stress; and
- Carry out such other matters as may be necessary in furtherance of these objectives
The process that led to the emergence of the new team kicked off on September 8 last year when the CME set up a six-man Implementation Task Force headed by distinguished banker and philanthropist Mr Fola Adeola with a mandate to assist in determining concrete steps to be taken by the Federal Government to actualise the Nigerian Sovereign Investment Authority (NSIA).
Following the recommendation of the Task Force, an Executive Nomination Committee (ENC) composed of six Nigerians with integrity, independence, proven qualification and tested market experience from the six geopolitical zones of the country was established. The Committee had the responsibility to assist with the selection of members of members of the Board, a key plank of the governance structure of the institution.”
Read more: Press Release