President Goodluck Jonathan Thursday
inaugurated the governing council and board of the Nigeria Sovereign
Investment Authority (NSIA) and issued share certificates of
contribution to the Sovereign Wealth Fund to the 36 states.
The share certificates were issued to the federal, state and local government for their contribution to the Sovereign Wealth Fund.
In his speech the President who was represented by Vice President Namadi Sambo, said the inauguration of the governing council was an indication of the progress made so far in the running of the fund.
Noting that all over the world the Sovereign Wealth Fund has been instrumental to the fiscal development in countries running them, the VP called on government officials at all levels to ensure that the objectives of the Nigeria's own Fund is achieved through the commitment of their contribution.
He listed the objectives of the NSIA to include: building a saving base for future generations of Nigeria, enhancing the development of Nigeria's infrastructure and promoting fiscal stability for the country in times of economic stress.
"I am happy to report that the board and management team of the NSIA has set about implementing robust governance and investment structures towards the achievement of its laudable objectives and the international community is already taking note of their efforts," he said.
The President also stated that a number of other sovereign wealth fund and international investment institutions had already expressed readiness to partner with the NSIA in the execution of infrastructure projects in Nigeria.
He however reiterated that while the initial $1 billion investment is not inconsequential "the sustainability of our sovereign wealth fund depends on our continuous contributions".
The Nigeria Sovereign Investment Authority was set up to manage the Nigeria Sovereign Wealth Fund, where all the surplus income produced from Nigeria's excess oil reserves is to be deposited.
The fund had kicked off with an initial deposit of $1 billion in seed capital contributed from the excess crude account.
The sovereign wealth fund was founded for the purpose of managing and investing funds on behalf of the government.
The wealth fund commenced operations in October 2012 with the objectives of investing the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.
Speaking at the inauguration, which took place shortly before the commencement of the National Economic Council meeting, the President noted that the NSIA had made significant progress in the stabilizing of the future generation funds and was currently working hard to evaluate a number of infrastructure projects across the country.
Some of the projects it plans to undertaking include second the Niger Bridge, Gurara Dam Phase 2, sea ports investment and an aircraft leasing company to ease the financial burden in the airline industry and promote greater visibility in its operation.
He added that the development of well conceived infrastructure projects by the Nigerian Sovereign Investment Authority will also provide a platform for the national pension funds to invest in credible undertakings.
"I urge the board and management team of NSIA to continue steadfastly in their role as custodians and administrators of our sovereign wealth fund. I also expect that they will always exhibit the greatest possible, accountability and compliance with the international best practices to gain and maintain the trust of all stakeholders in the fund, to assist and guide them in the discharge of their responsibilities".
Members of the governing council include: the President represented by the VP will Chair the council, while Each 36 state governors, Attorney General of the Federation, minister of Finance, minister of National Planning, Central Bank Governors, Chief Economic Adviser to the President , Chairman of the Revenue Mobilization and Fiscal Commission as members.
A 12 non statutory membership of the council whose nominations are subject to the confirmation by the senate as stipulated by the Nigerian Sovereign Investment Authority establishment Act of 2011, will join the council at a later date all as members.
The President said noted that the governing council which represents the broad ownership of the fund across all three tiers of government will also provide guidance and direction to the board of NSIA.
"I assure you all of my support and cooperation as you begin to discharge this responsibility for the good of our people" he said as he inaugurated the council.
The certificates were issued to the Minister of Finance Ngozi Okonjo Iweala who received on behalf of the federal government, while the governors and FCT minister received on behalf of their state and local government.
In response to the President's speech the chairman of the board of directors of the NSIA Mahey Rasheed, said the NSIA which kicked off in February is now fully operational and has commenced investment activities.
"We have gone far in investing the stabilization and future generation funds. Also we are evaluating a number of investment opportunities in the nation's infrastrucute relating to transportation, power, healthcare, and agriculture."
He reported that the NSIA has been significantly recognized as potential investment power house by global investment partners and is already in the top ranking chart of Sovereign Wealth Fund Institute.
In his response the Managing Director of the NSIA, Uche Orji, assured the President that they were doing their best to attain the set objectives of the fund.
The share certificates were issued to the federal, state and local government for their contribution to the Sovereign Wealth Fund.
In his speech the President who was represented by Vice President Namadi Sambo, said the inauguration of the governing council was an indication of the progress made so far in the running of the fund.
Noting that all over the world the Sovereign Wealth Fund has been instrumental to the fiscal development in countries running them, the VP called on government officials at all levels to ensure that the objectives of the Nigeria's own Fund is achieved through the commitment of their contribution.
He listed the objectives of the NSIA to include: building a saving base for future generations of Nigeria, enhancing the development of Nigeria's infrastructure and promoting fiscal stability for the country in times of economic stress.
"I am happy to report that the board and management team of the NSIA has set about implementing robust governance and investment structures towards the achievement of its laudable objectives and the international community is already taking note of their efforts," he said.
The President also stated that a number of other sovereign wealth fund and international investment institutions had already expressed readiness to partner with the NSIA in the execution of infrastructure projects in Nigeria.
He however reiterated that while the initial $1 billion investment is not inconsequential "the sustainability of our sovereign wealth fund depends on our continuous contributions".
The Nigeria Sovereign Investment Authority was set up to manage the Nigeria Sovereign Wealth Fund, where all the surplus income produced from Nigeria's excess oil reserves is to be deposited.
The fund had kicked off with an initial deposit of $1 billion in seed capital contributed from the excess crude account.
The sovereign wealth fund was founded for the purpose of managing and investing funds on behalf of the government.
The wealth fund commenced operations in October 2012 with the objectives of investing the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.
Speaking at the inauguration, which took place shortly before the commencement of the National Economic Council meeting, the President noted that the NSIA had made significant progress in the stabilizing of the future generation funds and was currently working hard to evaluate a number of infrastructure projects across the country.
Some of the projects it plans to undertaking include second the Niger Bridge, Gurara Dam Phase 2, sea ports investment and an aircraft leasing company to ease the financial burden in the airline industry and promote greater visibility in its operation.
He added that the development of well conceived infrastructure projects by the Nigerian Sovereign Investment Authority will also provide a platform for the national pension funds to invest in credible undertakings.
"I urge the board and management team of NSIA to continue steadfastly in their role as custodians and administrators of our sovereign wealth fund. I also expect that they will always exhibit the greatest possible, accountability and compliance with the international best practices to gain and maintain the trust of all stakeholders in the fund, to assist and guide them in the discharge of their responsibilities".
Members of the governing council include: the President represented by the VP will Chair the council, while Each 36 state governors, Attorney General of the Federation, minister of Finance, minister of National Planning, Central Bank Governors, Chief Economic Adviser to the President , Chairman of the Revenue Mobilization and Fiscal Commission as members.
A 12 non statutory membership of the council whose nominations are subject to the confirmation by the senate as stipulated by the Nigerian Sovereign Investment Authority establishment Act of 2011, will join the council at a later date all as members.
The President said noted that the governing council which represents the broad ownership of the fund across all three tiers of government will also provide guidance and direction to the board of NSIA.
"I assure you all of my support and cooperation as you begin to discharge this responsibility for the good of our people" he said as he inaugurated the council.
The certificates were issued to the Minister of Finance Ngozi Okonjo Iweala who received on behalf of the federal government, while the governors and FCT minister received on behalf of their state and local government.
In response to the President's speech the chairman of the board of directors of the NSIA Mahey Rasheed, said the NSIA which kicked off in February is now fully operational and has commenced investment activities.
"We have gone far in investing the stabilization and future generation funds. Also we are evaluating a number of investment opportunities in the nation's infrastrucute relating to transportation, power, healthcare, and agriculture."
He reported that the NSIA has been significantly recognized as potential investment power house by global investment partners and is already in the top ranking chart of Sovereign Wealth Fund Institute.
In his response the Managing Director of the NSIA, Uche Orji, assured the President that they were doing their best to attain the set objectives of the fund.
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