Nigeria Starts Sovereign Wealth Fund With $1 Billion
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Nigeria, Africa’s top oil producer, started a sovereign wealth fund with an initial capital of $1 billion and hired KPMG to select its management team.
“It is clear that given current challenges facing our economy and the global financial crisis, we cannot afford to waste any more time,” Finance Minister Ngozi Okonjo-Iweala told reporters in Abuja today. “What we have done can be compared to opening an account for the sovereign wealth fund and commencing with other necessary procedures in preparation for full implementation.”