Nigeria Readies Sovereign Wealth Fund

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...