Wednesday, 27 August 2014
Last updated 3 hours ago
Oct 19 2011 | 9:03am ET
Nigeria will channel some of the money earned from its oil industry to a sovereign wealth fund, which will launch with $1 billion, the country’s finance minister announced Tuesday.
Ngozi Okonjo-Iweala, Nigeria’s finance minister and former World Bank managing director, unveiled the timeline for the creation of the fund, which she said would be managed by KPMG. The consultancy is already at work recruiting a fund board that should be in place by mid-December.
"We are proceeding with the implementation of this very important program following consultations with the Governors' Forum because the feedback we have is the Nigerians strongly support saving for the future and the other core objectives of the fund," Okonjo-Iweala told reporters in Abuja.
"It is also clear given the current challenges facing our economy and the global financial crisis, we cannot afford to waste any time."
Nigerian President Goodluck Jonathan gave the green light to the SWF in a law passed in May, but Reuters reports political wrangling—including opposition from the governors of the country’s 36 states—has delayed its implementation.
Nigeria exports more than 2 million barrels of crude oil a day. Nigeria was one of only three OPEC member states without a sovereign wealth fund.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...