Nigeria Must Emulate Global Sovereign Wealth Funds, Shettima Tells NSIA Board

Vice President Kashim Shettima has charged the newly appointed Board of Directors of the Nigeria Sovereign Investment Authority (NSIA) to diversify the nation’s investment portfolio in order to support key sectors of the economy.

Specifically, Senator Shettima reminded the company board members of their stewardship role as “custodians of the collective patrimony of the people of Nigeria.”

Speaking on Tuesday during a meeting with the Board of Directors of the NSIA at the Presidential Villa, Abuja, Vice President Shettima, in a statement by his spokesman, Stanley Nkwocha, outlined the administration’s vision for the NSIA, drawing comparisons with more established sovereign wealth funds.

Acknowledging Nigeria’s late entry into the sovereign wealth funds, the VP said, “The Norwegian, the Qatari and the Saudi Arabians had a head start much earlier than we thought of establishing one, but the journey of a thousand miles starts with a step. It’s better late than never.”

The Vice President stressed the need to support the real economy, particularly highlighting the NSIA’s role in agricultural revitalisation.

“You have been supporting the nation in our agricultural revitalisation endeavours, especially in the purchase of agricultural inputs. I want you to sustain that tempo,” he urged.

Assuring the board of President Bola Ahmed Tinubu’s full support in achieving national aspirations, VP Shettima emphasised the critical need for teamwork.

“The moment you are working at cross purposes, we will not meet our goals and aspirations,” he cautioned.

Earlier, Chairman of the NSIA Board of Directors, Mr. Segun Ogunsanya, said the visit became necessary to enable members of the Board to introduce themselves to the Vice President.

He thanked VP Shettima and all members of the National Economic Council (NEC), saying they treasure the confidence the Council has reposed in the Board.

Ogunsanya said members of the NSIA Board of Directors were looking forward to submitting their last audited accounts to NEC, and then sharing what the NSIA has done and what it intends to do, even as he assured that the principles upon which NSIA was founded will never change under his watch as Chairman.

He noted: “The principles upon which NSIA was founded will remain unchanged – the principle of transparency, of accountability. These are the two pillars upon which NSIA was founded, and that is what I am committing to, on behalf of my colleagues at the Board of Directors.

“We are here to make sure that the current generation and the future generation have something we are going to leave behind for them. We are here to make sure we give benefit to the economy, give benefit to the current citizens and the future citizens.

“Beyond preparing for the future generation, we also know that we have an obligation to support the government during volatile times. We’ve done that in the past during COVID-19; we did make $150 million available to the government at that time.”