05.09.2013 - All quiet at sovereign wealth fund as excess crude account depletes
Despite repeated assurances, the Sovereign Wealth Fund (SWF), the nationís investment fund, is yet to take off. There is palpable inactivity at the Fund which was slated to commence operations on or before the end of the first quarter of 2013, almost two years after its inauguration. The country in 2011 passed the Nigeria Sovereign Investment Authority Act (NSIA) setting up its own SWF with $1 billion as seed capital. The Ministry of Finance said in December 2012, that the Nigeria SWF was making progress towards becoming fully operational by March 2013, and that the Strategy Document which would guide its operations was ready, while its investment policy guidelines and the processes for the three fund mandate were almost finalised...............................................Full Article: Source
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