President Muhammadu Buhari on Wednesday challenged the new board of the Nigeria Sovereign Investment Authority (NSIA) to make more investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030.
Inaugurating the third board of the NSIA in Abuja, the President reaffirmed his administration’s commitment to implementing long-term projects and programmes that create jobs for Nigerians.
He noted that the full impact of most of the strategic projects started under his watch would only be felt long after he has left office.
“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,” he said.
He told members of the board that periodically, they would be required to provide evidence of their stewardship at the governing council meetings where their performance would be assessed.
Buhari recalled that NSIA, one of Nigeria’s premier economic institutions, was conceived to be a store of wealth which may be drawn upon at times of economic challenges.
He expressed delight that so far, the institution has discharged its mandate dutifully.
“This is why we prioritized 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 said.
Buhari also thanked the last board of directors whose tenure ended in May 2021, acknowledging their commitment, dedication and contributions to the implementation of the objectives of the authority.
The new board members are Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Sir Babatunde Sobamowo (South West), Non-Executive Director; Isiekwene 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, NSIA now has around US$3.5 billion in assets under management.
She explained that the board would, on behalf of the Nigerian people, guide and oversee the NSIA management’s activities towards delivering outcomes to transform the fortunes of the country