Nigeria Must Emulate Global Sovereign Wealth Funds – Shettima

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

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 NSIA Board of Directors 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 supported the nation in agricultural revitalisation endeavours, especially in purchasing agricultural inputs. I want you to sustain that tempo,” he urged.

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

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

Earlier, the 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 National Economic Council (NEC) members, saying they treasure the Council’s confidence 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 on the Board of Directors.

“We are here to ensure that the current and future generations have something we will leave behind for them. We are here to ensure we benefit the economy and give current and future citizens an advantage.

“Beyond preparing for the future generation, we also know that we must support the government during volatile times. We’ve done that during COVID-19; we made $150 million available to the government then.”