President Muhammadu Buhari yesterday charged the new board of the Nigeria Sovereign Investment Authority (NSIA) to make more investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030.
While inaugurating the third board of the NSIA in Abuja, the president reaffirmed his administration’s commitment to implementing long-term projects and programmes that create jobs for Nigerians.
In a statement issued by his spokesman, Femi Adesina, the president said the full impact of most of the strategic projects started under his watch would only be felt long after he had left office.
He described the appointment of the nine-man board as a call to duty, action and performance, adding that they were eminently qualified for the job.
‘‘This government operates on the agenda for long-term change which we all agree is inevitable. Change happens whether you are ready for it or not. As representatives of the federation, you are required to continue to drive the performance of the Authority to deliver benefits to all Nigerians. You must bear in mind that the National Economic Council, your Governing Council and Nigerians as a whole will hold you accountable for this mandate.
The new board members are Farouk Mohammed Gumel (North West) as non-executive chairman; Sir Babatunde Sobamowo (South West), non-executive director; Isiekwena Ikemefuna Louis (South South), non-executive director; Ali Goni Kadugum (North East), non-executive director; Oniyangi Kabir Sulaiman (North Central), non-executive director; and Ike Chioke (South East), non-executive director.
In her remarks, the minister of finance, budget and national planning, Zainab Ahmed, said from the base position of $1billion when the administration assumed office in 2015, NSIA now has around $3.5billion in assets under management.
She said the board will, on behalf of the Nigerian people, guide and oversee the NSIA management’s activities towards delivering outcomes to transform the fortunes of the country.