…Directs NSIA on investments to boost economic diversification
President Muhammadu Buhari yesterday said that the administration which he is leading operates on the agenda for long-term change happens whether one is ready for it or not.
Inaugurating the third Board of the Nigeria Sovereign Investment Authority, (NSIA), the President reaffirmed his administration’s commitment to implementing long-term projects and programmes that create jobs for Nigerians.
The President charged the new Board of the NSIA to make more investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030.
He described the appointment of the 9-man Board as a call to duty, action, and performance, adding that they were eminently qualified for the job.
According to Buhari, ‘‘This government operates on the agenda for long term change which we all agree is inevitable. Change happens, whether you are ready for it or not”.
The President recounted that NSIA, which is one of Nigeria’s premier economic institutions, was conceived to be a store of wealth that may be drawn upon at times of economic challenges thereby encouraging external investors and lenders.
He expressed delight that so far the institution has discharged its mandate dutifully and thanked the last Board of Directors whose tenure ended in May 2021.
He further acknowledged their commitment, dedication and contributions to the implementation of the objectives of the Authority.
Notably, the President said the immediate past Board ‘‘guided the organisation through a critical stage of its existence and have left it standing as a credible world-class institution that turns out consistently good results.”.
The new Board members are Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Sir Babatunde Sobamowo (South-West), Non-Executive Director; Isiekwena Ikemefuna Louis (South-South), Non-Executive Director; Ali Goni Kadugum (North-East), Non-Executive Director; Oniyangi Kabir Sulaiman (North-Central), Non-Executive Director; and Ike Chioke (South East), Non-Executive Director.
In her remarks, the Minister of Finance, Budget, and National Planning, Zainab Ahmed, said from the base position of US$1billion when the administration assumed office in 2015, the NSIA now has around US$3.5billion in assets under its management.
She explained that the Board will, on behalf of the Nigerian people, guide and oversee the NSIA Management’s activities towards delivering outcomes to transform the fortunes of the country.
