19 September 2013

Nigeria: PDP Berates Apc Lawmakers Over Comments On Sovereign Wealth Fund

The Peoples Democratic Party, PDP, has described the position of the opposition All Progressives Congress, APC, lawmakers on the management of the Sovereign Wealth Fund, SWF, as a demonstration of crass ignorance and the obvious unpreparedness of the APC to manage the affairs of the nation.

The PDP National Publicity Secretary, Olisa Metuh, in a statement on Thursday, branded the APC lawmakers as frustrated political adventurers with a penchant for destructive criticisms that exhibit their emptiness and poor understanding of international financial system.

Contrary to insinuations that the SWF has been mortgaged to foreign interests, the PDP said, the fund is managed in line with international best practices that guarantee prudence, foreign participation and return on investment.

"For the avoidance of doubt, the Chief Executive Officer of the Fund is a Nigerian, who was painstakingly chosen and employed through a process that accords with highest international standard. In the same vein, the Chief Investment Officer, a foreigner, is a tested fund administrator with decades of impeccable management record in countries such as Saudi Arabia. Suffice it to mention that Abu Dhabi, Qatar and Kuwaiti SWF (which are among the best in the world) are managed by foreigners," Mr. Metuh said.

He said that the essence of involving foreign partners in the management of the SWF in a world that has become a global village was very obvious. The SWF, he explained, was expected to drive Nigeria's investment frontiers and the participation of foreigners in its management does not in any way mortgage its credibility.

"While it is clear that Nigeria has not closed its doors to foreign investments, the inflow of such investments does not in anyway suggest that such investors have lost confidence in the economy of their respective countries," he pointed out. "Furthermore, qualified Nigerians are known to be manning sensitive positions in the economy of other nations and have not been disqualified on the grounds of nationality."

He also assured that the nation's investment in the SWF remained safe and secure adding that the government would ensure that it was properly managed for the benefit of the present and next generations of Nigerians.

The party, therefore, advised the APC lawmakers to get their facts right and stop exposing their ignorance.

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