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

Onyekakeyah: Understanding Nigeria’s sovereign wealth fund

Posted on 18 February 2014

When in 2010, the National Economic Council (NEC) approved a plan to replace the Excess Crude Account (ECA), with a Sovereign Wealth Fund (SWF), there was a lot of fuss from different quarters across the country. Many wondered what sort of idea was being thrown up. A Sovereign Wealth Fund! What could that mean?
While the state governors, who were the direct beneficiaries of the Excess Crude Account, vehemently opposed the idea, preferring to have the money shared out as usual, ordinary Nigerians were not amused by what they thought was another drain pipe being hatched by government to fritter away money. Not a handful of Nigerians understood, believed or appreciated the import of a sovereign wealth fund……………………………………….Full Article: Source


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