IMF Rates Nigeria’s Sovereign Wealth Fund Second Worst

Image

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.

Share
Related Stories
Image
24-November-2023

The Black Friday Effect: Financial Markets Behaviour During Sales Season

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

Image
24-November-2023

15 Small Business Owners Receive N75m from Google’s Hustle Academy

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

Image
25-November-2023

Nigeria’s Economy Records 2.54% Growth in Q3 2023

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

Image
25-November-2023

Aradel, Two Others Buoy NASD OTC Bourse 1.36% Growth

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

More Stories
Image
24-October-2016

Nearly Four States Can Pay Workers’ Salaries—Bakare

By Ebitonye Akpodigha Former Vice Presidential candidate to President Muhammadu Buhari in 2011, Mr Tunde Bakare, has disclosed that Nigeria needs restructuring to record any meaningful growth. Mr Bakare, speaking at the 14th Anniversary Lecture of the Foursquare Gospel Church, Asokoro, said the present structure was not giving room for proper development. He also said he was not sure up to four states in Nigeria can pay workers’ salaries, expressing shock that some were still agitating for more states to be created. Mr Bakare further said it was regrettable that Nigerian leaders lacked the will and political courage to restructure

Image
10-January-2020

Crude Oil Further Slips as Middle East Tension Eases

By Adedapo Adesanya  Oil prices fell further on Thursday at the global market to extend losses brought about by comments from President Donald Trump which eased tension of the United States retaliating against Iran. Brent crude, the international benchmark, which had dropped by over 3 percent at the previous session, further went down by 0.15 percent equivalent to 10 cents to trade at $65.34 per barrel. Also, the US West Texas Intermediate (WTI) crude further moved down below $60 by shedding 0.07 percent or 4 cents to close at $59.57 per barrel. President Trump’s comment had eased the fear of

Image
01-February-2017

Jordan Hosts Energy Summit

By Modupe Gbadeyanka On April 2-3, 2017, Jordan will host the 3rd Jordan International Energy Summit (JIES) under the patronage of His Majesty King Abdullah II and the Ministry of Energy and Mineral Development. The summit comes at a crucial time for Jordan and as support for its Energy Strategy with progress being made on several key projects across the energy spectrum designed to secure Jordan’s energy future. The JIES summit is centred around a world-class programme with speakers from Governments, global energy companies and experts in their fields and is combined with an international exhibition to allow companies to

Image
16-August-2019

Naira Falls at I&E as Turnover Hits $826m Thursday

By Adedapo Adesanya  Trading ended on Thursday at the foreign exchange market with the Naira depreciating by 24 Kobo against the US Dollar at the Investors and Exporters (I&E) segment. The local currency traded at N363.46 against the American Dollar at the investors window yesterday from N363.22 /$ in the previous trading day, indicating a decline by 0.07 percent. It was observed that the Naira came under heavy pressure at the window as a result of the huge demand for the greenback by investors, who are converting their Naira investments to Dollar as a result uncertainties in the country. At

Image
18-August-2020

Zedvance Offers Zero-Interest Loans to Small Business Owners

By Dipo Olowookere Small business owners in the country have been given a rare opportunity to obtain interest-free credit facility to catalyse their growth against the backdrop of the global economic downturn occasioned by the COVID-19 pandemic. This offering is from leading consumer and SME finance company, Zedvance Finance Limited, and it is to empower small and medium-sized enterprises (SMEs). “We understand the critical role loans play in helping SMEs looking to take their businesses to the forefront of the market. “More importantly, we know that interest-free loans will allow them accelerate growth by reducing the burden of loan interest

Image
06-May-2020

BDC Operators Donate N10m to CACOVID, Share Food Items

By Modupe Gbadeyanka Some authorised foreign exchange (forex) dealers under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have donated N10 million to the private sector-led Coalition Against COVID-19 (CACOVID) Relief Fund, spearheaded by the Central Bank of Nigeria (CBN). The group led by its president, Mr Aminu Gwadabe, stated that the money was doled out to support the on-going efforts of the federal government to curb the spread of coronavirus in the country. “In this, the Association has donated N10 million to the CBN inspired CACOVID Relief Fund,” the ABCON boss said. He also said

Image
02-July-2019

These 18 Companies Will Hold AGMs This Month

By Dipo Olowookere Business Post has compiled a list of companies quoted on the Nigerian Stock Exchange (NSE) having their Annual General Meetings (AGMs) in the month of July 2019, which commenced yesterday. There are 17 AGMs fixed for this month and an Extraordinary Meeting (EGM). Investors look out for these meetings because for firms which declared dividends, it is at these AGMs the cash payment are approved by shareholders in attendance. Also, investors use the opportunity to ask questions from the board and management and possibly chip in how things can be improved upon so as to have more

Ad
Ad
Recent Stories
Image
28-November-2023

Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while

Image
28-November-2023

BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
28-November-2023

Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

Image
28-November-2023

Slave Wages for Contract Private Security Guards in Nigeria

By Emmanuel Udom Today, most contract security guards are earning slave wages, putting their lives in danger while ensuring the safety of other people, corporate bodies, government agencies, etc, 24/7. It is noted that all over the world, security business is deadly, risky, slippery, dangerous and sophisticated. Like in other business concerns, owners of registered and yet-to-be-registered private security companies are in for raw deals. They are driven by profits, the laws of supply and demand and the desperate hustle for big, juicy contracts, our investigations have shown. Private contract security companies hire all sorts of people, give them one

Image
28-November-2023

Tinubu Writes Reps for $8.6bn, €100m Foreign Loans

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

Image
28-November-2023

Nigeria to Develop Integrated Electricity Policy, Implementation Plan

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

Image
28-November-2023

Zenith Bank Lights Up Ajose Adeogun Street With Beautiful Decorations

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

Image
28-November-2023

FG Rehabilitate TinCan, Onne Port, Others With $1.1bn

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

Image
28-November-2023

EFCC Educates Public About Ways to Prevent ATM Card Swap Fraud

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a