Acting President Yemi Osinbajo on Friday inaugurated a nine-member board for the Nigeria Sovereign Investment Authority (NSIA) with a charge to deploy its funds to develop infrastructure.
At the event, Osinbajo said that the Federal Government had committed additional 500 million dollars to the fund.
“Despite the fiscally constrained environment, this administration has been able to increase Federal Government’s commitment to the NSIA by 50 per cent, committing an additional 500 million dollars.
“Though the Federal Government is committed to saving, the actual charge with this additional capital is investment.
“Thus, as the NSIA moves to the second phase of its existence the expectation is that the committed capital will be deployed into projects that are in line with the administration’s key priority areas.
“Namely, infrastructure, agriculture in order to improve our economy.
“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.
“The bar before you is high and all of us are counting on you to deliver.’’
He described the NSIA as one of the nation’s flagship institutions and conveyed government’s gratitude to all those who contributed to the establishment and success of the Sovereign Wealth Fund.
According to him, the discipline and rigour with which the entity was founded and operated reflects its capacity to deliver on its mandate.
“Indeed the NSIA has demonstrated that not only do we have the capacity, as Nigerians, to deliver on some of the most complex issues but that we have the men and women to do so.
“As we navigate the pathway out of recession and into a self-sufficient and diversified economy it is our expectation that the NSIA will remain increasingly strategic to our nation’s growth and development,’’ he said.
Accordingly, he said such expectation informed the choice of eminent persons of proven professional pedigree to oversee the affairs of the NSIA board for a four-year term.
The Minister of Finance, Mrs Kemi Adeosun, said that the ministry had an executive search committee that looked for the best describing the board as balanced with every zone of the country represented.
“We are very confident that this board will look after our future resources and provide very good investment decisions and guidance to the execute management in line with the administration’s expectations and requirements,’’ Adeosun said.
The Chairman of the NSIA’s board, Mr Jide Zietlin, on behalf of the board, expressed the members’ gratitude and humility to the government for their appointment.
“We welcome the opportunity to serve the nation and we are fully committed to doing so with utmost integrity and transparency and we look forward to being held accountable.’’
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