The Federal Ministry of Finance has unfolded plans to reposition the Sovereign Wealth Fund in line with the infrastructure objectives of the Federal Government.
The Minister of Finance, Mrs. Kemi Adeosun, said this in a statement made available to our correspondent by her Media Adviser, Mr. Festus Akanbinon, on Friday.
The Sovereign Wealth Fund is currently being managed by the Nigerian Sovereign Investment Authority
Under the SWF, which has a seed capital of $1.55bn, there are three categories of fund from which investments could be anchored.
They are the Future Generation Fund where up to 20 per cent of the fund could be invested in it; the Infrastructure Fund which had an allocation of 40 per cent; and the Fiscal Stabilisation Fund which also has a 40 per cent allocation.
Akanbi, in the statement, quoted the minister to have said that the economic team of the Federal Government was working hard to reposition the economy.
The minister spoke while responding to a question posed to her on Channels Television’s Sunrise Daily programme
According to her, based on the economic blueprint of the Federal Government, there is going to be a massive investment in capital projects.
She said since budgetary allocations alone would not be able to address the infrastructure gap as only 30 per cent of the budget had been allocated to capital projects, there was the need to reposition the SWF to attract more investment in the area of infrastructure