The International Monetary Fund (IMF) has ranked Nigeria as the world’s second worst country in the use of sovereign wealth funds.. “Also, the leadership of religious bodies must ensure strict adherence to safety protocols, which include accommodating only 50 percent capacity of their normal attendance, ensuring social distancing, use of nose mask or face fields by participants.”, Covid-19: Osun gives fresh directives on Crossover Service. “Nigeria has all it needs to become the China of Africa. Nigeria has so far invested in the SWF $1 billion, then $500 million, and a further $650 million. The 2021 budget estimates is N110.974 billion less than the 2020 proposal of N449.974 billion. institutions and higher corruption. The state government had earlier directed that there should be no cross-over services under any guise, as part of its measures at curbing the spread of coronavirus. He stated, “Following a review of the pronouncement of the Technical Team of the Task Force on COVID-19 in Oyo State on 29th December 2020, His Excellency, the Executive Governor, Engr. This remains a significant challenge in many resource-rich countries that, on average, have weaker institutions and higher corruption, Samuel is an Analyst with over 5 years experience. Explaining why the country has many poor people, he blamed the development on breakdown of value system, lack of development of human capital as well as lack of continuity of government policies. Revenue projections were upwardly reviewed from N119.1 billion to N121.8 billion. Religious bodies and citizens are therefore advised to comply because we do not want anyone to spend the first day of the year in police custody. However, Such rents create incentives for payment of bribes or even state capture to secure control over the country’s natural wealth. He urged Federal Government to urgently consider funding the East-West road from the Sovereign Wealth Fund to guarantee its completion by 2022 as being taunted by the Minister of the Niger Delta. Keywords: Nigerian Sovereign Wealth Fund, Infrastructural Development, Economic Growth. Those that spoke at the Webinar organised by Ernst and Young Nigeria Alumni are a former Minister of Finance, Dr Olusegun Aganga, the Managing Director of the Nigerian Sovereign Investment Authority Mr Uche Orji, and a former President of the Nigerian Economy Summit Group Kyari Bukar. Nigeria increases Sovereign Wealth Fund capital by $250m February 29, 2020 February 28, 2020 Tony Chukwunyem Nigeria has increased in its Sovereign Wealth Fund (SWF) capital by an additional $250 million, bringing the total investment portfolio to about $1.750 billion since inception, according to the business news website, Global Financial Digest. He said, “The fact that you are a resource endowed country does not make you a rich country. This paper will give an historical background of the economic evolution of Nigeria, particularly in relation to its overdependence on oil revenue. On May 11, 2011 the Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which sought to establish a sovereign wealth fund to INTRODUCTION On May 11, 2011, the Nigerian Senate approved the Nigerian Sovereign Investment Authority Bill, 2010, which seeks to established a Sovereign Wealth Fund (SWF) to manage excess profits from the country’s sale of crude oil. Orji in his presentation at the Webinar said that the NSIA has three major funds being managed on behalf of the federation. Connect with him via his twitter handle. The former minister, who was instrumental in setting up the Sovereign Wealth Fund in 2011 said that the high level of unemployment in the country is a sigh that there are fundamental macroeconomic challenges that needed to be addressed. lion, Angola (45th place) with $ 5 billion, and Nigeria (50th) with one (1) bil-lion, while funds sovereignty of other African countries each have a value of less than one (1) billion. Sovereign Wealth Fund, Key To Diversification Of Nigeria’s Economy – Stakeholders. Following the review of the 2021 budget proposal based on the recommendations by the Sobukanla led committee, the revenue targets of 18 ministries/agencies were modified, while internal loan reduced from N98.3 billion to N95.7 billion. This site uses Akismet to reduce spam. “We are hoping to become very active in this area and one of the ways we want to achieve it is through venture capital,” he added. Last year, Nigeria, the biggest oil producer in sub-Saharan Africa, replaced its Excess Crude Account (ECA) with three sovereign wealth funds, Future Generations Fund, Nigerian Infrastructure Fund and Stabilization Fund, under the management of the Nigerian Sovereign Investment Authority (NSIA). While referring to goverment official figures as released by the National Bureau of Statistics, Aganga who also served the nation as Minister of Industry Trade and Investment said that about 82 million Nigerians are poor. The government further announced a ban on the organisation of street carnivals in its effort at curtailing the spread of COVID-19 which has claimed not less than 50 lives in the State. The Bretton Wood Institution disclosed that the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered. The fund was established by the Nigeria Sovereign Investment Authority Act, signed in May 2011, and commenced operations in October 2018 . Orji explained that the fund would have made more impact if more capital injections were made in the early part of the establishment of the NSIA. The Coordinator of the Oyo State Task Force on COVID-19, Prof. Temitope Alonge, gave the hint during a press briefing, on Tuesday, to update the public on the latest developments regarding the global pandemic in the State. Nigeria Sovereign wealth fund is a fund into which the surplus income produced from Nigeria’s excess oil reserves is deposited. For instance, he said Nigeria relies mainly on oil revenue for its survival , adding that oil accounts for 75 per cent of goverment revenue and 85 per cent of exports. © 2020 The Whistler Nigeria - All Rights Reserved. A committee chaired by the Leader, House Committee on Finance and Appropriation, Mr. Olakunle Sobukanla, was earlier charged to study the 2021 budget proposal and present the reports before the House. The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. “We have also created venture capital companies and we want to see more of these because they are the ones that will reach further down to the Micro, Small and Medium Enterprises.”. He advocated the containment of population growth as well as called for civil service reforms that would position the public sector for improved productivity. As at the end of 2013, all capital had been deployed in allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and credit suisse (Corporate Bond mandates). It is what you do with the resources that you have that will make your country a wealthy nation.”. From an initial fund of $1 billion, the sovereign wealth fund is currently valued at $2.15 billion, and it has declared profits every year for the past five years. According to the report, Qatar is the only country worse than Nigeria on the index. He said the figure is more worrisome when considered from the standpoint that the 82 million poor Nigerians exceed the population of South Africa and Ghana put together. A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.Sovereign wealth funds invest globally. Finance and Economic Experts on Thursday said that the effective implementation of the Sovereign Wealth Fund was key to diversification of the economy. This is revealed in the Fiscal Monitor Report released today by the International Monetary Fund.According to the report, Qatar is the only country worse than Nigeria … Specifically, Countries should develop frameworks that limit discretion, given the high risk of abuse, and allow for heavy scrutiny. In a Statement signed by the Commissioner for Information & Civic Orientation; Mrs Funke Egbemode, said its sensitivity to the mood of the season has necessitated a review of its earlier position. He said, “We can’t be rich as a nation without having an industrial and advanced services sector. The Ogun State House of Assembly has approved the state’s 2021 Appropriation Bill worth N338.6 billion, after making adjustments to the recurrent and capital expenditure. The experts said during a Webinar that while the country does not lack the required ideas to effectively reposition the economy, there seems to be a gap in the implemententation of these plans. The future generations fund will focus on providing and generating income for the country’s citizens. Sovereign Wealth Fund in Nigeria: Issues and Challenges Benjamin J. Cohen argued over two decades ago that ‘high fina nce can no longer be kept separate from high politics (M onk, 2009; 451). This was disclosed by Taiwo Adisa, Chief Press Secretary to Governor Seyi Makinde via a statement shared on the State’s Twitter handle on Wednesday. The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria's excess oil reserves is deposited. This is revealed in the Fiscal Monitor Report released today by the International Monetary Fund (IMF). The IMF noted that the governance challenges of resource-rich countries call for ensuring a high degree of transparency and accountability in the exploration of such resources. Seyi Makinde, FNSE, has magnanimously directed that the 12 midnight to 4 a.m. curfew be lifted. — Government of Osun (@StateofOsun) December 29, 2020. COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund / IMF Ranks Nigeria Second Worst In The World In Use Of Sovereign Wealth Fund / Sovereign Wealth Fund: More Lies From Presidency At Ramadan – Reno Omokri (1) On Tuesday, the State Government had called on the State Chapter of the Christian Association of Nigeria (CAN) to adhere strictly to the existing 12 AM to 4:00 AM curfew imposed by the Federal Government by concluding cross-over services in churches earlier, rather than the traditional midnight services held on every 31st of December. The Nigerian Sovereign The implication of deriving funding for the Sovereign Wealth Fund from “residual funds” in the Federation Account is that after removal of 13% derivation required by extant laws, after compliance with Part VII, Section 35(1)(2) of the 2007 Fiscal Responsibility Act which requires the transfer of excess revenue as a result of oil price being above the budget benchmark to the Excess Crude Account, the effective … The NSIA operations are professional and transparent. “Secondly, he has directed that enforcement of these guidelines and protocols in accordance with the law will be applied as appropriate, enjoining individuals and organizations to comply and by so doing ensure that we all spread the joy of this season and not the virus.”, Yuletide: Oyo to permit crossover nights under strict COVID-19 protocols- Makinde…says Task Force officials to enforce protocols, guidelines, …worship, event centres to utilise 50 per cent capacity, …violators of guidelines, advisories'll face penalties pic.twitter.com/IQq0Y8nK25, — Oyo State Govt (@oyostategovt) December 30, 2020. The Nigeria Sovereign Investment Authority (NSIA) recorded a Total Comprehensive Income (TCI) of N36.15 billion in 2019. The experts said during a Webinar that while the country does not lack the required ideas to effectively reposition the economy, there seems to be a gap in the implemententation of these plans. “Security operatives have been given the directive to enforce this guideline. OF THE NIGERIAN SOVEREIGN WEALTH FUND Solomon E. Ekokoi * ABSTRACT T he central aim of this paper is to examine the constitutionality of Ni-geria’s sovereign wealth fund (SWF) which was established in August 2012, pursuant to the Nigeria Sovereign Investment Authority (Establish-ment etc) Act 2011 (the NSIA Act). In the report, the IMF stressed that the sheer size of economic rents associated with natural resources demands strong political, legal and economic institutional framework. (Bloomberg) -- Saudi Arabia’s sovereign wealth fund overhauled some of its top management as it prepares to take a greater role in the local economy.The $360 billion Public Investment Fund … We need to reform the institutions and agencies that are charged with the responsibilities of implemententation of government programmes.”. She said, “But any organisation holding cross over service must note that they are expected to close the service early and everyone must be off the streets by 1am. He said these five sectors formed the major focus of the NSIA on the development of infrastructure for the country. Orji said the NSIA is interested in this area because it holds the key to the development of the country. “The governor has also warned citizens and residents of Oyo State to ensure strict compliance with the guidelines, protocols and advisories as laid down by the OYO State COVID-19 Task Force aimed at limiting the transmission of the disease in our communities. Fiscal Monitor Report released today by the. One of the laudable steps taken so far is the creation a Sovereign Wealth Fund (SWF)6 in 2011. He also said the NSIA is working towards addressing the challenges in the technology sector in the country through its venture capital project. The report by NEITI which focused on “the case for a robust oil savings fund for Nigeria” revealed that the total credit balance in the Excess Crude Account as at May, 2017 was a meagre $2.3 billion for a country with a huge population like Nigeria. Governor Makinde has asked religious organisations to conduct cross-over services on December 31, 2020, as he lifts the 12 am to 4 am curfew. Your email address will not be published. He said since the NSIA commenced operations with an initial capital of $1bn in 2013, the goverment had increased the contribution to about $1.75bn. Following Nigeria is Sudan, ranking 3rd country worst with depleted Sovereign Wealth Fund. The Stabilisation Fund thus has a short time horizon and invests in conservative fixed income mandates. She said that the government insisted that no one should be on the streets by 1am. He said the three mandates of the NSIA are the reasons for the setting up of the three funding windows.of future generation, infrastructure and fiscal Stabilization fund. Capital receipts were reduced from N142.1 billion to N139.5 billion. The IMF ranked thirty-three oil-rich countries altogether, and Nigeria was ranked 2nd worst on the list, just behind Qatar. The IMF noted that many resource-rich countries, on average, have weaker “It is clear that given current challenges facing our economy and the global financial crisis, we cannot afford to waste any more time,” Finance Minister Ngozi Okonjo-Iweala told reporters in Abuja today. IMF revealed that it is critical to develop a strong institutional framework to manage these resources—including good management of the financial assets kept in sovereign wealth funds—and to ensure that proceeds are appropriately spent. As at the end of 2013, all capital had been deployed in accordance with the allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and Credit Suisse (Corporate Bond mandates). Bhutan Economic Stabilization Fund (Bhutan Economic Stabilization Fund) is a Sovereign Wealth Fund located in Thimphu Bhutan, Asia. According to Egbemode, the state government had decided to allow cross-over gatherings, being sensitive to the mood of the season. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. For Nigeria, that SWF reference focuses on the Excess Crude Oil account, which requires greater transparency on the rules governing deposits, withdrawals, and investment.” As … Nigeria’s Sovereign Wealth Fund was an upgrade on the ECA. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The theme of the Webinar was “Nigerian Sovereign Wealth Fund and the urgency for economic diversification.”. The role that many sovereign wealth funds (SWFs) play in national economic policy has changed dramatically as a result of the pandemic, giving rise to questions about their future. The International Monetary Fund (IMF) has ranked Nigeria as the world’s second worst country in the use of sovereign wealth funds. Sequel to the committee report on the 2021 Appropriation Bill, the total recurrent expenditure was increased from N141.7 billion to N146.5 billion, while capital expenditure was reduced from N176.6 billion to N171.8 billion. by Ifeanyi Uddin On the Nigerian Sovereign Wealth Fund. On what the goverment needed to do to reposition the economy in light of the current economic challenges, he said there is need to build a competitive industrial and services sector. According to the News Agency of Nigeria, the passage is sequel to the presentation of a committee report on the 2021 budget during plenary sitting yesterday. 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He assured that the authority’s investment strategy remains robust with a favorable trajectory across its three funding windows. He said the NSIA is also working towards showing consistent profitability in its operations as this is the only way it can remain a credible institution. Sovereign Wealth Funds Definition: A sovereign wealth fund (SWF) is a state -owned investment fund or entity that is set for completely economic purposes. Current Assets for Bhutan Economic Stabilization Fund is $1,460,000 and SWFI has 1 periods of historical assets available for CSV Export. Aganga said that the country needs to start shifting it’s focus from oil to non-oil sector in order to effectively achieve economic development. It is intend… This was disclosed by the Commissioner for Information, Funke Egbemode, in a statement shared via the state’s Twitter handle on Wednesday. While there’s always a conversation on the topic going on, most people have no real understanding of what each of them actually means, and so, make little to no informative input. Nigeria, Africa’s top oil producer, started a sovereign wealth fund with an initial capital of $1 billion and hired KPMG to select its management team. Ogun State Assembly has finally approved the sum of N338.6 billion for its 2021 Appropriation Bill. Ms Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual briefing (newsmen) on Friday in … Learn how your comment data is processed. Finance and Economic Experts on Thursday said that the effective implementation of the Sovereign Wealth Fund was key to diversification of the economy. Under the infrastructure fund, he said the Authority is focusing on key projects in the power, agriculture, gas industrialisation, roads and healthcare sectors. The report also noted that there were adjustments in the recurrent expenditure of 29 agencies and capital expenditure of 27 others. The former minister also suggested that the government should eliminate all leakages as well as put an end to the issue of abandoned and incomplete projects. The Oyo State Government has permitted religious organisations to conduct their cross-over services on December 31, 2020, as it lifted the 12 am to 4 am curfew earlier imposed on states by the Federal Government. $10 per Barrel Production Cost Will Not Hamper Growth Of Local Content—Kyari, We’re Not Liable To Pay $1.2bn For Breach Of Azura-Edo IPP – FG, Oyo: Makinde Suspends FG’s Curfew To Allow Crossover Services, Wike Lauds Chidi Loyd For Holding Proper Funeral For Late Father After 45 Years, U.S. Nurse Contracts COVID-19 After Receiving Vaccine, 2021 UTME: No Date Fixed For Sales Of Application Forms Yet – JAMB, Wike Not Concentrating Projects In Port Harcourt – Aide, Lagos Hotel Worker In Trouble After Offering Oral Sex To…, Hoodlums Mourning Colleague Attack Traders In Osogbo, One…. It helps to understand how the balance on Nigeria’s rainy day fund (the Excess Crude Account -ECA) moved from about US$20 billion as at 2007 to less than US$400 million 3 years later. Fund Mandates NSIA Funds: Three Separate & Ring-fenced Investment Funds. He said, “We have invested in more than 32 private equity funds across the world and in Nigeria we have invested in about seven of them. Excess Crude Account: A Nigerian government account used to save oil revenues above a base amount derived from a defined benchmark price. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. For instance, IMP stated that Mexico adopted high transparency standards to recover public trust in the management of the oil sector. The government relaxed its directive prohibiting religious gatherings during new year’s eve, as it shifted the curfew from 12 am to 1 pm. The Osun State Government has relaxed its directive prohibiting religious gatherings during new year’s eve, as it shifted the curfew from 12 am to 1 pm. There’s so much chatter in Nigeria about the Excess Crude Account, Sovereign Wealth Fund, and the Central Bank of Nigeria’s External Reserve. Meanwhile, Columbia, Ghana and Chile are ranked top three best performers on the chart. Have been given the directive to enforce this guideline a Total Comprehensive Income ( TCI ) of N36.15 billion 2019... December 29, 2020 orji said the NSIA SWF is a Sovereign Wealth,. Of implemententation of government programmes. ” Qatar is the only country worse than Nigeria on index! Countries altogether, and commenced operations in October 2018 IMF ) are a endowed! Appropriation Bill was ranked 2nd worst on the streets nigeria sovereign wealth fund balance 1am historical available... Managing and investing these funds on behalf of the Economic evolution of Nigeria N110.974 billion less than the 2020 of... 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