Nigeria’s Acting President, Yemi Osinbajo, has formally inaugurated the board of the Nigeria Sovereign Investment Authority (NSIA) at the Presidential Villa in Abuja on Friday, May 12, 2017.
Prof. Osinbajo while inaugurating the board said despite the fiscally constrained environment, the present administration had been able to increase the federal government’s commitment to the NSIA by 50 percent, committing an additional $500 million.
The acting president also stated that though the federal government is committed to saving, the actual charge with this additional capital is investment.
He said as the NSIA moved to the second phase of its existence, the expectation was that the committed capital would be deployed into projects that were in line with the administration’s key priority areas like infrastructure and agriculture.
He said: “For example, we expect prompt action on the commodities exchange, a vital component of our agricultural reform effort. I am pleased to note your participation with the governments of Delta and Akwa Ibom on the modular refineries project. They are several key projects that would unlock the economic potential of our country and get us faster out of where we are today.”
Osinbajo further charged the board to fundamentally improve the performance of the authority and strengthen its operations, saying the National Economic Council, the NSIA’s governing council and all Nigerians would hold them accountable to this mandate.
In conclusion, the acting president said the board would be periodically required to provide evidence of “your stewardship to the governing council where your performance, of cause, will be assessed.”