11.07.2014 - Why Norwegians are wealthier than Nigerians
Last month, the Nigeria Sovereign Investment Authority (NSIA), Nigeria’s Sovereign Wealth Fund (SWF) announced that it made capital gains of N1.2 billion ($7.75 million) in the first quarter of 2014 – a return of 0.5 percent on a total capital of $1.55 billion. If the entire $1.55 billion was shared among an estimated 174.5m Nigerians each of us would get $8.88, according to the Sovereign Wealth Fund Institute. For majority of Nigerians who live on $1.25 a day this is a pittance. In Norway, each of 5.06m Norwegians would get $173,518. Though the Norway Government Pension Plan was set up much earlier than the NSIA (it was established in 1990) it’s size and performance is testimony to how surplus oil wealth can be managed...............................................Full Article: Source
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