NIGERIA Invest in 2012-13 - Newsdesk Media

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the economy and finance
“If well managed and deployed
efficiently, the sovereign wealth fund will
play a vital role in the economic and
social development of Nigeria,” Elumelu
said. “The economies of Singapore, the
United Arab Emirates, Kuwait, Malaysia,
Norway and China have all been boosted
by the activities of their respective
sovereign wealth funds. My hope and
expectation is that Nigeria will replicate
that pattern,” he added.
Efforts have been under way for
some months to recruit a trio of top
executives to run the NSIA, including a
chief executive officer, a chief investment
officer and a chief risk officer. The first
post must be filled by a Nigerian, but
invest in niGeRia 2012-13
the other two will be open to all comers.
At least 10 years’ experience will be
required for all applicants, who, according
to the job description published in
national and international media, will be
expected to win the confidence of the
Nigerian people. “The performance,
reporting and transparency of the NSIA,”
the job description stated, “must be
exemplary, and will enable Nigerians
to see and understand how their
patrimony is being managed and
increased for the future.”
In the near decade-and-a-half since
the transition to civilian rule, Nigeria’s
attempts to revive its economic fortunes
have seen mixed results. During that
A previous lack of finance for construction
and infrastructure projects is expected to
be addressed by the newly created fund
time, however, Nigeria has transformed
from a debtor to a creditor nation. Its
elections have evolved from the chaotic
to the credible, and its new leaders have
set about tackling the institutional and
structural constraints that have inhibited
the country from realising its full
economic potential.
The sovereign wealth fund is a clear
signal that Nigeria now has the confidence
to invest in itself. And, with the country
prepared to invest in its own future,
foreign investors are likely to follow. ■
Michael Dynes is a business and lifestyle
journalist specialising in subjects related
to African culture and economics