By Jonathan Nda- Isaiah, Abuja
Acting president, YemiOsinbajo, yesterday inaugurated the board of the Nigerian Sovereign Investment Authority (NSIA), expressing hope that the fund will remain strategic to the country’s growth and development as it maneuvers its way out of recession.
The National Economic Council (NEC), in February, approved the nomination of members from the six geo-political zones of the country for appointment into the board of the Nigeria Sovereign Investment Authority, for a four-year term, with BabajideZeitlin, as the chairman.
Inaugurating the board at a brief ceremony held in the acting president’s conference room, Osinbajo said the major charge of the board is to improve the performance of the fund through investment in key priority areas of the government like agriculture and infrastructure. The board will be held accountable by the Economic Council, the governing council and Nigerians as a whole and will be required to provide evidence of their stewardship for assessment.
“As we navigate the pathway out of recession and into a self-sufficient and diversified economy, it is our expectation that the NSIA will remain increasingly strategic to our nation’s growth and development.
“As representatives of the people, our charge is simple: we require you to fundamentally improve the performance of the authority and strengthen its operations.
“Indeed, despite the fiscally constrained environment, this administration has been able to increase the federal government’s commitment to the NSIA by 50%, committing an additional $500 million though the federal government is committed to saving.