By Dipo Olowookere
Nigeria’s Sovereign Wealth Fund (SWF) has been rated by the International Monetary Fund (IMF) as the second worst in the world.
According to the global money lender, Nigeria is only second to Qatar in the world in the use of sovereign wealth funds.
In its Fiscal Monitor report released on Wednesday, the IMF urged governments to use the funds to increase investment in infrastructure or education to support the economy in the near term, and foster inclusive growth over the next few decades.
“It is critical to develop a strong institutional framework to manage these resources, including good management of the financial assets kept in sovereign wealth funds, and to ensure that proceeds are appropriately spent.
“This remains a significant challenge in many resource-rich countries that, on average, have weaker institutions and higher corruption.
“The governance challenges of commodity-rich countries, that is, the management of public assets, call for ensuring a high degree of transparency and accountability in the exploration of such resources.
“Countries should develop frameworks that limit discretion, given the high risk of abuse, and allow for heavy scrutiny,” the IMF said in the report.
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Brands/Products2 months ago
Unilever Sells New Closeup Variant on Jumia at Lower Prices
Economy1 month ago
OPL 245: FG Fumes as Milan Court Acquits Eni, Shell
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria