Osinbajo inaugurates NSIA new board

ACTING President, Yemi Osinbajo, on Friday inaugurated the second board of the Nigeria Sovereign Investment Authority (NSIA), praising the vision behind the setting of the fund.

The fund was set up by the previous administration which inaugurated the first board in September 2013.

Speaking during the ceremony at the Presidential Villa, Abuja, Osinbajo expressed government’s gratitude to “all those who had in one way or the other 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 in its capacity to deliver on its mandate.

He added: “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.
“Since inception, the NSIA has maintained the track record of consistent positive performance and displayed an impressive capacity for growth.
“We are proud of its accomplishments and commend the staff and management of the institution.”

Osinbajo observed that the NSIA fulfills a critical function in the nation’s economy as it “principally it serves as a good tool of fiscal discipline, ensuring future availability of capital through investments in long term assets and managing Nigerian savings.”

He continued: “More importantly is a system managed by committed people who seek to create fresh functional and scalable solutions to Nigeria’s economic challenges using limited capital to catalyse inflow of investments.
“Increasingly, the NSIA lends itself to the actualization of our administration’s agenda for economic transformation in many ways.

“On a number of occasions we have involved them in the implementation of initiatives central to government’s programmes and they delivered efficiently and sustainably.”
While noting that the board to oversee the affairs of NSIA for the next four years is made up of eminent ladies and gentlemen of noteworthy character and proven professional pedigree, he said they would be made to render account of their stewardship from time to time.

“Periodically, you will be required to provide evidence of your stewardship to the governing council where your performance, of cause, will be assessed,” Osinbajo warned.

He noted that despite the fiscally constrained environment, the present administration has been able to increase the federal government’s commitment to the NSIA by 50%, committing an additional $500 million.
“Though the federal government is committed to saving, the actual charge with this additional capital is investment,” stated.
Chairman board of directors of the NSIA, Jide Zitelin, expressed gratitude and welcomed the opportunity to serve the nation.

He said the board is fully committed to doing so with utmost of integrity and transparency and looked forward to being held accountable.