The Ministry of Finance has announced that investments under the Sovereign Wealth Fund (SWF) will commence in March 2013.
The Ministry in a statement on Thursday maintained that the fund is making progress towards becoming fully operational as the strategy document which will guide its operations is ready.
This is coming two months after the inauguration of the fund by President Goodluck Jonathan.
The statement adds that the strategy document was ratified by the board of the Nigeria Sovereign Investment Authority (NSIA) led by Mr. Mahey Rasheed to ensure that the blue print is ready and on time.
It added that efforts to hire key personnel and acquire a functional office has reached an advanced stage.
The Coordinating Minister for the economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, noted that “The country is poised to benefit significantly if the current momentum on the fund is maintained.”
The Managing Director of NSIA, Mr Uche Orji, also explained that in seeking the best investments for Nigeria, the NSIA will not limit itself but will search for the best deals wherever they can be found in the world.
“There are no geographical restrictions or product restrictions for the Future Generation and Fiscal Stabilization Fund, and we expect to invest across the full spectrum of products (equities, fixed income, alternative assets, etc.), in accordance with our five year rolling plan, that will provide a superior risk adjusted returns for the future generations of Nigerians.”
