Standup9ja: Osinbajo Formally Inaugurates Investment Authority
Board
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.”
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