| UAE, Norway, Brazil among others have built up their Sovereign Wealth Funds to secure the economic future of their nations and have done so by ensuring very low corruption in their oil and gas sectors. The UAE has a sovereign wealth fund to the tune of $ 817bn; it exported its first cargo of crude in 1962, it’s the 7th largest oil-producing nation but has so diversified its economy that oil now contributes only about 30% of its GDP.
Brazil a developing nation like Nigeria made concerted efforts to reduce its oil imports from 70% to practically nothing. Brazil moved from a debt –ridden nation status to become World 6th largest economy and an international net creditor, it built its sovereign wealth fund of $5.6bn from non- commodity sources which it established in 2008 to cushion the economy from future shocks...............................................Full Article: Source
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