By Jeph Ajobaju, Chief Copy Editor
Oil prices are projected to dip to $40 per barrel (bp) by 2030 and, to curtail the consequences, the Nigeria Sovereign Investment Authority (NSIA) has been urged to invest more in economic diversification.
President Muhammadu Buhari made the pitch at the inauguration of the third NSIA board in Abuja, where he reiterated commitment to projects that create jobs.
He said the full impact of most of the projects started under his watch will only be felt long after he has left office, and described the appointment of the nine board members as a call to action since they are well qualified for the job.
He explained that ‘‘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.
‘‘As representatives of the Federation, you are required to continue to drive the performance of the Authority to deliver benefits to all Nigerians.
‘‘You must bear in mind that the National Economic Council, your Governing Council and Nigerians as a whole will hold you accountable for this mandate.
‘‘Periodically, you will be required to provide evidence of your stewardship at the Governing Council Meetings where your performance will be assessed.
‘‘The bar before you is very high and all of us are counting on you to deliver. If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you.”
NSIA discharging its mandate
Buhari recalled that the NSIA, one of Nigeria’s premier economic institutions, was conceived to store wealth which may be drawn upon at times of economic challenges thereby encouraging external investors and lenders.
He expressed delight that so far the NSIA has discharged its mandate dutifully.
‘‘This is why we prioritised the appointment of a new Board to ensure that the Authority does not lose steam and can continue to benefit from the oversight it needs to deliver on its mandate.
‘‘The new Board we assembled has a crop of seasoned, eminently qualified, and experienced professionals.
‘‘We expect these individuals to bring their wealth of experience to bear, in the next phase of NSIA’s journey.”
He thanked the board of directors whose tenure ended in May, acknowledging their commitment, dedication, and contributions to the objectives of the NSIA.
‘‘This distinguished group of patriotic Nigerians heeded the call to serve and deployed the best of their abilities to oversee the affairs of the Authority on behalf of the nation over the last four years.”
Long term projects
Buhari noted that the past board members ‘‘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.
‘‘This Administration took the very difficult decision to invest for the long term. We avoided taking short cuts knowing very well that the full impact of most of the projects we started will only be felt long after we have left office.
‘‘Accordingly, in the past four years, both the public and private sectors in Nigeria have partnered on strategic projects with the NSIA.
‘‘On public sector partnership, we are working with the NSIA on strategic infrastructure projects such as the Second Niger Bridge, the Lagos-Ibadan Express Way and the Abuja-Kano Road, to mention a few.
‘‘On private sector collaborations, we have projects such as the Presidential Fertiliser Initiative, the Presidential Artisanal Gold Mining Initiative and the NSIA Healthcare Development and Investment Company amongst many.
‘‘Although these projects and programmes have immediately created jobs from a development standpoint, the wider impact on society will only be felt in years to come.”
Board members
The new board members are
· Farouk Mohammed Gumel (North West), Non-Executive Chairman
· 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
· Ike Chioke (South East), Non-Executive Director
Finance Minister Zainab Ahmed said from the base position of $1 billion when Buhari assumed office in 2015, the NSIA now has about $3.5 billion in assets.
She enthused that the board will, on behalf of the public, guide and oversee the activities of the NSIA management to deliver outcomes to transform the country.
‘‘Using the NSIA Act as its guide, the Board will be required to superintend initiatives that meet the current and future needs of Nigerians.
‘‘On our part as Government, we will continue to support the Authority with the necessary policies and framework to ensure that the mission of the institution is delivered in a transparent, sustainable and inclusive manner,’’ Ahmed said.
