Okonjo-Iweala Fast Tracks Sovereign Wealth Fund Launch

The coordinating Minister for economy and the Minister of finance, Dr. Ngozi Okonjo Iweala unveiled the blue-print for the take off of the country’s Sovereign Wealth Fund.

Addressing reporters earlier today in Abuja, the minister stated, “We are proceeding with the implementation of this very important programme following consultations with the Governors’ Forum because the feedback we have is the Nigerians strongly support saving for the future and the other core objectives of the fund.”

The Minister disclosed that an account had been opened for the Fund, wherein deposits of excess crude oil receipts will be lodged for savings.

World-class consulting, and accounting firm KPMG has been hired to select the management team for the Fund subject to further approval by the President.

The Minister highlighted the urgent need to kick start the Fund immediately citing National economic challenges as well as the global financial crisis.

Former Minister of Finance and current Minister of Trade and Commerce was largely responsible for the conceptualization of Nigeria’s SWF as well as the signing of the bill creating it into law by the President in May.

Nigeria is the last member of the Organization of Petroleum Exporting Countries (OPEC) to have a Sovereign Wealth Fund.

The seed capital for the Fund will be $1 Billion.