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Sovereign Wealth Funds Briefing - Categorized | Investment, Market, People

Nigeria: Sovereign wealth fund should be invested locally – CIS President

Posted on 27 August 2012

Our position remains that the fund should be well utilised, especially the future generation aspect of the fund. The fund should be invested in the Nigerian market. It does not make sense for Nigeria to take funds out of its own economy and deposit such funds with investment banks abroad or for them to be invested abroad, because that would mean that they will be using the fund to develop such economies.
We should use our savings and our reserves to develop our own economy. In any case, we have heard of countries that even lost major part of their funds in the process of sending the funds abroad. Libya is a good example. I understand Libya lost about 80 per cent of its Sovereign Wealth Fund. We do not want to do that here in Nigeria, therefore, we should use our funds here to develop our economy………………………………………..Full Article: Source


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