Nigeria’s Sovereign Wealth Fund To Top $5 billion By 2016

Nigeria’s sovereign wealth fund has been projected to reach $5 billion by the year 2016, according to Minister of State for Finance Yerima Ngama.

The technocrat explained that the reason no additions had been made to the fund which was launched in 2012 with $1 billion was due to legal skirmishes with the 36 state governor’s of the country. According to Ngama those conflicts may soon be resolved. The planned solution is to give the governors board representation on the Fund in order to disarm worries on transparency, accountability and management.

Ngama also disclosed that the country would issue out a $1 billion Eurobond and a $500 million Diaspora bond as soon as it had ironed out the kinks with the Senate.

 

The Herald NG

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