Sovereign Wealth Fund, Key To Diversification Of Nigeria’s Economy – Stakeholders. Following Nigeria is Sudan, ranking 3rd country worst with depleted Sovereign Wealth Fund. Finance and Economic Experts on Thursday said that the effective implementation of the Sovereign Wealth Fund was key to diversification of the economy. We need to reform the institutions and agencies that are charged with the responsibilities of implemententation of government programmes.”. Orji in his presentation at the Webinar said that the NSIA has three major funds being managed on behalf of the federation. He said the NSIA is also working towards showing consistent profitability in its operations as this is the only way it can remain a credible institution. She said, “But any organisation holding cross over service must note that they are expected to close the service early and everyone must be off the streets by 1am. “Nigeria has all it needs to become the China of Africa. (Bloomberg) -- Saudi Arabia’s sovereign wealth fund overhauled some of its top management as it prepares to take a greater role in the local economy.The $360 billion Public Investment Fund … googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. Fund Mandates NSIA Funds: Three Separate & Ring-fenced Investment Funds. He assured that the authority’s investment strategy remains robust with a favorable trajectory across its three funding windows. On Tuesday, the State Government had called on the State Chapter of the Christian Association of Nigeria (CAN) to adhere strictly to the existing 12 AM to 4:00 AM curfew imposed by the Federal Government by concluding cross-over services in churches earlier, rather than the traditional midnight services held on every 31st of December. This paper will give an historical background of the economic evolution of Nigeria, particularly in relation to its overdependence on oil revenue. Meanwhile, Columbia, Ghana and Chile are ranked top three best performers on the chart. The Excess Crude Account was established in … The fund was established by the Nigeria Sovereign Investment Authority Act, signed in May 2011, and commenced operations in October 2018 . He advocated the containment of population growth as well as called for civil service reforms that would position the public sector for improved productivity. by Ifeanyi Uddin On the Nigerian Sovereign Wealth Fund. Orji explained that the fund would have made more impact if more capital injections were made in the early part of the establishment of the NSIA. For instance, he said Nigeria relies mainly on oil revenue for its survival , adding that oil accounts for 75 per cent of goverment revenue and 85 per cent of exports. She said that the government insisted that no one should be on the streets by 1am. On what the goverment needed to do to reposition the economy in light of the current economic challenges, he said there is need to build a competitive industrial and services sector. It is what you do with the resources that you have that will make your country a wealthy nation.”. This remains a significant challenge in many resource-rich countries that, on average, have weaker institutions and higher corruption, Samuel is an Analyst with over 5 years experience. It is intend… Revenue projections were upwardly reviewed from N119.1 billion to N121.8 billion. COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund / IMF Ranks Nigeria Second Worst In The World In Use Of Sovereign Wealth Fund / Sovereign Wealth Fund: More Lies From Presidency At Ramadan – Reno Omokri (1) He said, “We have invested in more than 32 private equity funds across the world and in Nigeria we have invested in about seven of them. The implication of deriving funding for the Sovereign Wealth Fund from “residual funds” in the Federation Account is that after removal of 13% derivation required by extant laws, after compliance with Part VII, Section 35(1)(2) of the 2007 Fiscal Responsibility Act which requires the transfer of excess revenue as a result of oil price being above the budget benchmark to the Excess Crude Account, the effective … Your email address will not be published. The theme of the Webinar was “Nigerian Sovereign Wealth Fund and the urgency for economic diversification.”. According to Egbemode, the state government had decided to allow cross-over gatherings, being sensitive to the mood of the season. Learn how your comment data is processed. From an initial fund of $1 billion, the sovereign wealth fund is currently valued at $2.15 billion, and it has declared profits every year for the past five years. The Nigeria Sovereign Investment Authority (NSIA) recorded a Total Comprehensive Income (TCI) of N36.15 billion in 2019. Governor Makinde has asked religious organisations to conduct cross-over services on December 31, 2020, as he lifts the 12 am to 4 am curfew. “Security operatives have been given the directive to enforce this guideline. On May 11, 2011 the Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which sought to establish a sovereign wealth fund to Under the infrastructure fund, he said the Authority is focusing on key projects in the power, agriculture, gas industrialisation, roads and healthcare sectors. Keywords: Nigerian Sovereign Wealth Fund, Infrastructural Development, Economic Growth. Last year, Nigeria, the biggest oil producer in sub-Saharan Africa, replaced its Excess Crude Account (ECA) with three sovereign wealth funds, Future Generations Fund, Nigerian Infrastructure Fund and Stabilization Fund, under the management of the Nigerian Sovereign Investment Authority (NSIA). The experts said during a Webinar that while the country does not lack the required ideas to effectively reposition the economy, there seems to be a gap in the implemententation of these plans. The role that many sovereign wealth funds (SWFs) play in national economic policy has changed dramatically as a result of the pandemic, giving rise to questions about their future. For Nigeria, that SWF reference focuses on the Excess Crude Oil account, which requires greater transparency on the rules governing deposits, withdrawals, and investment.” As … Nigeria Sovereign wealth fund is a fund into which the surplus income produced from Nigeria’s excess oil reserves is deposited. A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.Sovereign wealth funds invest globally. He said these five sectors formed the major focus of the NSIA on the development of infrastructure for the country. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. He said, “The fact that you are a resource endowed country does not make you a rich country. According to the News Agency of Nigeria, the passage is sequel to the presentation of a committee report on the 2021 budget during plenary sitting yesterday. This was disclosed by Taiwo Adisa, Chief Press Secretary to Governor Seyi Makinde via a statement shared on the State’s Twitter handle on Wednesday. © 2020 The Whistler Nigeria - All Rights Reserved. The IMF noted that the governance challenges of resource-rich countries call for ensuring a high degree of transparency and accountability in the exploration of such resources. $10 per Barrel Production Cost Will Not Hamper Growth Of Local Content—Kyari, We’re Not Liable To Pay $1.2bn For Breach Of Azura-Edo IPP – FG, Oyo: Makinde Suspends FG’s Curfew To Allow Crossover Services, Wike Lauds Chidi Loyd For Holding Proper Funeral For Late Father After 45 Years, U.S. Nurse Contracts COVID-19 After Receiving Vaccine, 2021 UTME: No Date Fixed For Sales Of Application Forms Yet – JAMB, Wike Not Concentrating Projects In Port Harcourt – Aide, Lagos Hotel Worker In Trouble After Offering Oral Sex To…, Hoodlums Mourning Colleague Attack Traders In Osogbo, One…. Nigeria, Africa’s top oil producer, started a sovereign wealth fund with an initial capital of $1 billion and hired KPMG to select its management team. The NSIA operations are professional and transparent. Finance and Economic Experts on Thursday said that the effective implementation of the Sovereign Wealth Fund was key to diversification of the economy. Ms Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual briefing (newsmen) on Friday in … According to the report, Qatar is the only country worse than Nigeria on the index. Sovereign Wealth Funds Definition: A sovereign wealth fund (SWF) is a state -owned investment fund or entity that is set for completely economic purposes. Nigeria’s Sovereign Wealth Fund was an upgrade on the ECA. He said the three mandates of the NSIA are the reasons for the setting up of the three funding windows.of future generation, infrastructure and fiscal Stabilization fund. The future generations fund will focus on providing and generating income for the country’s citizens. Sequel to the committee report on the 2021 Appropriation Bill, the total recurrent expenditure was increased from N141.7 billion to N146.5 billion, while capital expenditure was reduced from N176.6 billion to N171.8 billion. As at the end of 2013, all capital had been deployed in allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and credit suisse (Corporate Bond mandates). Nigeria increases Sovereign Wealth Fund capital by $250m February 29, 2020 February 28, 2020 Tony Chukwunyem Nigeria has increased in its Sovereign Wealth Fund (SWF) capital by an additional $250 million, bringing the total investment portfolio to about $1.750 billion since inception, according to the business news website, Global Financial Digest. In a Statement signed by the Commissioner for Information & Civic Orientation; Mrs Funke Egbemode, said its sensitivity to the mood of the season has necessitated a review of its earlier position. INTRODUCTION On May 11, 2011, the Nigerian Senate approved the Nigerian Sovereign Investment Authority Bill, 2010, which seeks to established a Sovereign Wealth Fund (SWF) to manage excess profits from the country’s sale of crude oil. Those that spoke at the Webinar organised by Ernst and Young Nigeria Alumni are a former Minister of Finance, Dr Olusegun Aganga, the Managing Director of the Nigerian Sovereign Investment Authority Mr Uche Orji, and a former President of the Nigerian Economy Summit Group Kyari Bukar. OF THE NIGERIAN SOVEREIGN WEALTH FUND Solomon E. Ekokoi * ABSTRACT T he central aim of this paper is to examine the constitutionality of Ni-geria’s sovereign wealth fund (SWF) which was established in August 2012, pursuant to the Nigeria Sovereign Investment Authority (Establish-ment etc) Act 2011 (the NSIA Act).

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