This was sequel to the improved rating of the
In the official statement announcing the second quarter 2014 ratings, the Institute singled out the NSIA for special mention, stating that the NSIA has been upgraded to nine points out of a possible 10 from a score of four in the previous rankings.
This rating translates into a jump from a position of joint 33rd to joint second; the only African sovereign wealth Fund so ranked.
With the latest rankings, NSIA is in credible company alongside sovereign wealth funds from the
More significantly, the improved transparency ranking validates NSIA's commitment and adherence to the highest prescriptions of the Santiago Principles with respect to corporate governance, investment strategy, disclosures and SWF best practices.
Early this year,
The award was in recognition of the high level of subscription recorded by the Offer and the fact that the Eurobond was issued during a period of market uncertainty.
But then, there was stiff opposition to the establishment of the Fund spearheaded by state governors who initially blocked the proposal, leading to eight months of negotiation.
The governors' grouse arose from the fear that they would lose the opportunity of benefiting from the funds whenever it was withdrawn from the Excess Crude Oil account.
However, the Federal government later seeded the SWF with
Government's decision to make the contributors, who represent Federal, state and local governments, members of the council of the NSIA should be seen as a positive step just as the presentation of certificates to the contributors should be commended as this would assuage the fears of the governors who were wary of being shortchanged in the project.
The need to further shore up the resources of the Fund hardly requires any emphasis against the backdrop of enormous responsibility it has in channeling resources for development of infrastructure and its other critical roles in the economy.
Even so, there is a fly in the ointment in channeling SWF investments. This is so because many SWFs have burnt their fingers in the course of investments as did
While some countries such as the Gulf States have employed the instrumentality of their sovereign wealth funds to develop their economies,
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Larry Ellison Steps Down as Oracle CEO
- Hillary Clinton to Address CHCI Conference
- Alibaba Prices IPO at $68 a Share
- Apple Locks Itself Out of Devices
- Veterans to Get Training as Solar Panel Installers
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World