Federal Executive Council (FEC) has approved the establishment of the Nigeria Investment and Growth Fund (NIG-Fund) and National Poverty Reduction with Growth Strategy (NPRGS).
President Muhammadu Buhari presided over the FEC meeting which held at the state House on Wednesday.
The presidency in a statement, said the NIG-Fund will be structured like a private equity fund & invest in commercially viable projects in priority sectors.
According to the statement, the fund will also raise financing from DFIs, pension funds, insurance companies, SWFs, private sector investors, family offices, Nigerians in diaspora, endowments etc.
NPRGS on the other hand, is a strategy for accelerated reduction in poverty through economic growth, redistributive (i.e. Social Protection) programs and shared prosperity.
The NPRGS is centred on four pillars, which are:
“Macroeconomic stabilization, Industrialization, Structural Policies and Institutional Reforms, Redistributive Policies and Programmes (Social Protection).
NPRGS is expected to support the Buhari Administration’s goal of lifting 100 million Nigerians out of poverty within a decade.
A National Steering Committee (NSC), chaired by Vice President Yemi Osinbajo, shall be the overarching body.
NSC will therefore collaborate with Federal MDAs, States and Local Govts, Development Partners, CSOs and private sector actors, for the implementation of the strategy.
According to the statement, the Federal Ministry of Finance shall serve as the Secretariat of the Steering Committee, and shall monitor the implementation of the decisions of the Committee.
The NPRGS was developed by the Presidential Economic Advisory Council (PEAC), chaired by Dr. Doyin Salami.
Other members were: Dr Muhammad Sagagi – Vice Chair; Prof. Ode Ojowu; Dr Shehu Yahaya; Dr Iyabo Masha; Prof Chukwuma Soludo; Bismarck Rewane; and Dr Mohammed Adaya Salisu – Secretary.