The minister of Finance, Zainab Ahmed, said more funding will be given to the Nigeria Sovereign Investment Authority, from the country’s oil windfall savings.
She was speaking on the sidelines of the IMF’s spring meetings in Washington DC.
The excess crude account contains monies from Nigeria’s oil windfall savings. One billion dollars seed capital from the account was used to start the Nigeria Sovereign Investment authority in two thousand and eleven. The agency has been involved in managing and investing these funds for the country.
Nigeria’s finance minister now says government intends to improve on the pinvestment authority’s funding.
The International Monetary Fund at its spring meeting in Washington DC, clarified its poor rating of Nigeria’s sovereign wealth fund as targeted at the management of the excess crude account and not the investment authourity.
Nigeria has beevsn involved in several conversations at the spring meetings targeted at its economic benefit.
Sot Zainab Ahmed, Finance Minister
Nigeria has also sought investment interests into its economy from international investors at the meetings.
At the corporate council on Africa roundtable, for example, where a presentation on Nigeria’s economic outlook for 2019 was presented, investors were brought up to speed on the country’s reforms in several sectors which promise good returns on investment.