Sovereign Wealth Fund: IMF Absolves NSIA Of Blame

The International Monetary Fund (IMF) has absolved the Nigerian Sovereign Investment Authority (NSIA) of any blame in its poor rating of Nigeria’s use of Sovereign Wealth Fund (SWF).

In a statement by the IMF’s Senior Resident Representative and its Nigerian Mission Chief, Aminu Mati, he explained that the IMF’s ranking was based on Nigeria’s use of the excess crude account (ECA)

The statement said the ECA requires great transparency and accountability as it involves deposits, withdrawals and investments.

He said the NSIA in its capacity has shown its commitment to transparency, partnership with government institutions and has been accountable. He added that the the NSIA has shown great fiscal responsibility with its prudent practices.

Mati said the IMF’s Fiscal Monitor worked with a score prepared by the Natural Resource Government Institute (NRGI) which assesses corporate governance and transparency.

Recall ALEDEH had earlier reported that the NSIA said the IMF’s ranking is lopsided, considering the fact that it didn’t take into cognisance the agency’s domestic expenditure.

Uche Orji, NSIA’s Managing Director had explained that its funds were divided into three based on the company’s Act. The funds were; the stability funds, the future generation funds and the infrastructural funds. He further revealed that while the first two had international involvements, the infrastructural funds were chiefly domestic and carried 50% of the total Sovereign Wealth Funds.

He added that while the company is wary of the ‘Dutch Disease’, it is also working hard to ensure the funds has a positive effect on the average Nigerian.

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