Leadership (Abuja)

4 August 2010

Nigeria: Nationals in the Diaspora Support Sovereign Wealth Fund

Abuja — Nigerians resident in the United States of America (USA) have declared their support for the institution of the Fiscal Responsibility Commission and the proposed establishment of the Sovereign Wealth Fund (SWF) in the country.

President of the Nigerian Society of South Central Pennsylvania, Arch. Alexander Iloka Rajisk, who expressed their feeling in a chat with journalists, said the administration of President Goodluck Jonathan was moving in the right direction.

Rajas said they were excited at the prospect of setting up a Sovereign Wealth Fund and were further happy at the recent view of the International Monetary Fund (IMF) through its representative, Mr. Mark Horton, who mooted the idea of the SWF recently.

He said: "It is gratifying and encouraging that IMF's delegation led by Mr. Mark Horton could draw such impressive view of the FRC and its fiscal responsibility. "When you consider that this view and opinion is coming from the International Monetary Foundation, its impact portends good fortune for Nigeria and her prospective investors and partners on international scale."

Rajis, who is also the Chief Executive Officer of the Continent Group Ltd., USA maintained that the unfolding development was capable of attracting foreign investors to Nigeria. "For those of us struggling to attract investors, nothing could be more encouraging than to know that Nigeria is becoming a fiscally responsible nation in accordance with international standard.

"The Sovereign Wealth Fund that Mr. Horton have a view of establishing is immensely encouraging as well, and could provide motivation to do business in Nigeria , knowing that SWF contingency is in place for public funded projects."

He praised the Chairman of the Fiscal Responsibility Commission, Dr. Aliyu Yelwa, for having "a sense of security on project continuity and completion, even in the face of financial crisis, can be reassuring to investors and partners, as development process will continue without funding hindrances."

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