Nigeria rejects ‘flawed’ IMF report
The latest report by the International Monetary Fund ranking Nigeria as the world’s second worst user of sovereign wealth funds is “fundamentally flawed”, the Nigerian government says.
The IMF blamed Nigeria’s poor ranking on pervasive corruption, saying out of the 33 oil-rich countries considered, Nigeria faired barely better than Sudan, with depleted Sovereign Wealth Fund. He said he disagreed fundamentally with IMF concern about what a sovereign wealth fund should be used for. “The IMF has a fundamental aversion to the philosophy of people using their own money to invest in their domestic economy.
He said the NSIA has invested in each of the three ring fenced funds – Stabilization, Future Generation and Nigeria Infrastructure, which have been consistently profitable in the last five years.With the many investment opportunities in the country, Mr Orji said NSIA’s focus was to ensure the Funds are platforms to attract other investors into the country.
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