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

Africa struggles to develop rainy-day funds

Posted on 18 February 2011

From Reuters: “It’s raining now,” politicians told then-Nigerian finance minister Ngozi Okonjo-Iweala seven years ago, when she began to develop ways to save the country’s oil wealth for a rainy day.
Okonjo-Iweala’s brainchild Excess Crude Account (ECA) began its short life in 2004, growing to as much as $20 billion in 2007. The ECA then dwindled to less than $1 billion, a victim of political wrangling between central and local government……………………………………….Full Article: Source


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