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Foreign investors show interest in Nigeria’s Sovereign Wealth Fund

By News Express on 20/05/2013

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A broad spectrum of foreign investors have indicated interest in investing in Nigeria’s Sovereign Wealth Fund (SWF), the Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, has disclosed.

Addressing the media this morning at NSIA’s offices in the Maitama area of Abuja, the Nigerian capital, Uche spoke of how enthusiastically the news of the birth of the NSIA and SFW was received by the international community.

“I was at a recent investment forum in Canada attended by about 40 CEOs, many of whom are my former clients. We receive encouragement and promises of support,” Uche said of his experience at the Institutional Investors Roundtable of Sovereign Wealth Funds held in Baniff, Canada, from April 16 to 19.

He declared that “many people are interested in coming to Nigeria to invest,” attributing this to the economic strategy of the Goodluck Jonathan administration, which he said is bearing fruit.

The NSIA was inaugurated seven months by President Jonathan as a demonstration of “the determination of the Federal Government to improve the lives of Nigerians through far-sighted policies and initiatives,” according to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

An independent statutory corporation established by an Act of parliament, the SWF has a mandate to build a savings base for future generations of Nigerians; enhance development of Nigerian infrastructure; promote fiscal stability for the country in times of economic stress; and carry out such other matters as may be necessary in furtherance of these objectives.

Orji, who started work on October 2, emerged through a very competitive international selection process. A former Managing Director of JP Morgan and lately Co-Head of the U.S. Technical Sector Research at a prominent global investment bank, UBS, he has been contracted for an initial term of five years. 

Source News Express

Posted 20/05/2013 6:41:57 PM

 

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