Nigeria to fast track sovereign wealth fund

July 14, 2010

According to Reuters, “Nigeria plans to fast track the creation of a sovereign wealth fund after powerful state governors, who initially opposed the idea, softened their stance, Central Bank Governor Lamido Sanusi said on Tuesday.

A committee of three ministers and six governors had been set up to work out the legal framework for a “quick take-off” of the fund, Sanusi told reporters after a meeting of the National Economic Council in Abuja.

“We are now moving to the implementation stage,” Sanusi said, adding the committee would work out how much of the fund would be earmarked for savings, infrastructure finance and a stabilisation fund, as well as where the money would come from.

Finance Minister Olusegun Aganga, an ex-Goldman Sachs executive appointed in March, has said he wants the fund to replace the current system whereby Nigeria saves oil revenue above a benchmark price into an excess crude account (ECA).”

Read more: Reuters


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