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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches

Nigeria: Transparency for the management of $1 bln SWF- Afripol

Posted on 14 May 2012

At the on-going World Economic Forum at Addis Ababa, Ethiopia the Nigerian minister of finance, Dr. Okonjo-Iweala spoke to Wall Street Journal on the country’s sovereign wealth fund (SWF). She confirmed that $1 Billion was withdrawn from Excess Crude Account and was used as seed money to establish Nigeria’s sovereign wealth fund.
The Excess Crude Account was also the source for funding of fuel subsidy. The government of President Jonathan made an attempt to completely remove fuel subsidy in order to replenish the account. The idea was to divert the fund from subsidy into upgrading and providing of the badly needed infrastructure in the country………………………………………..Full Article: Source


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