President Muhammadu Buhari has selected a new board of the Nigeria Sovereign Investment Authority (NSIA), which he has urged to focus on his administration’s economic diversification goal.
According to the Nigerian News Agency, the President inaugurated the NSIA’s third Board on Wednesday at the Presidential Villa in Abuja.
Buhari noted global oil price estimations of roughly $40 per barrel by 2030 as a requirement for Nigeria’s economic diversification, adding that his administration was committed to the country’s long-term economic development.
The President said, “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.
“Periodically, you will be required to provide evidence of your stewardship at the Governing Council Meetings where your performance will be assessed.”
Buhari informed the committee that the bar set before them was very high and the Presidency was counting on them to deliver.
“If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you.
“The immediate past Board guided the organization through a critical stage of its existence and have left it standing as a credible world-class institution that turns out consistently good results.
“This Administration took the very difficult decision to invest for the long term. We avoided taking shortcuts knowing very well that the full impact of most of the projects we started will only be felt long after we have left office,” he added.
He revealed that the NSIA was on strategic infrastructure projects such as the Second Niger Bridge, the Lagos–Ibadan Express Way, and the Abuja–Kano Road.
Buhari disclosed that the Federal Government was collaborating with the private sector to deliver projects such as the Presidential Fertiliser Initiative, the Presidential Artisanal Gold Mining Initiative, and the NSIA Healthcare Development and Investment Company, amongst many.
The new Board members are Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Babatunde Sobamowo (South West), Non-Executive Director; and Isiekwena Ikemefuna Louis (South-South) Non-Executive Director.
Others are Ali Goni Kadugum (North East), Non-Executive Director; Oniyangi Kabir Sulaiman (North Central), Non-Executive Director; and Ike Chioke (South East), Non-Executive Director.