The strategic document which will guide the operations for the Sovereign Wealth Fund is ready and operations will begin March 2013. According to a statement issued, in Abuja, Thursday, by Mr. Paul Nwabuikwu, Special Adviser to the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, the Strategy Document was ratified by the Board led by its Chairman, Alhaji Mahey Rasheed.
Also, its investment policy guidelines and the processes for the three fund mandates of the Nigeria Sovereign Investment Authority, NSIA are almost finalized. The funds are the Future Generation Fund; Nigeria Infrastructure Fund and Fiscal Stabilization Fund. The Statement reads that the board met twice since its inauguration on October 9 to review and reshape the draft submitted by the management team led by the Managing Director of NSIA, Mr. Uche Orji, with a view to ensure it is ready on time. It also stated that efforts to hire key personnel and acquire a functional office have reached an advanced stage.
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, stated that the country is poised to benefit significantly if the momentum is maintained; “There is still a lot of hard work ahead, we need to remain focused and disciplined so that we can reap the rewards. We are not yet there but we are on the right track. The question we must keep asking ourselves is: Other countries have benefitted from SWF, Why not Nigeria?” Mr. Orji, who was appointed MD in October explained the status of plans to appoint a Chief Investment Officer (CIO) for the organisation, “We are in the process of filling the role of the CIO. We received 300 resumes for the CIO role and will soon commence the process of short-listing the candidates. We hope to have the interviews early next year and have a CIO in place by early March.”
