AIAE TASKS FG ON SOVEREIGN WEALTH FUND

By Frankly Alli
The African Institute for Applied Economics (AIAE) has enjoined the Federal government to ensure transparency and accountability in the implementation of the Sovereign Wealth Fund (SWF).

The Institute made the call in Abuja during a policy seminar on the management of Sovereign Wealth Fund organised by the organisation.

The Executive Director of the Institute, Prof. Eric Eboh, who welcomed participants to the seminar, said debate has shifted from constitutional propriety to the imperatives of efficient and sustainable management of the Fund.

'The main concerns relate to political sustainability, implementation effectiveness and economic impacts given poor fiscal; governance and weak budget and public expenditure management across the three layers of government,' he said.

Dr. Friday Ohuche, a Research Fellow in the Institute who spoke on 'Nigerian Sovereign Wealth Fund: Tackling the Challenges of Implementation, Governance and Sustainability,' stressed the need for the implementing authority to create a clear investment strategy to avoid losses and fiscal consequences.

He examined the weakness and strengths of the Act establishing the Fund and other related issues, and challenged the civil society and advocacy pressure groups to ensure effective delivery and sustainability in the management of the Fund.

The Seminar was organised by AIAE to create platform for greater awareness, exchange of ideas and sharing of perspectives on the strengths, weaknesses, risks and opportunities of the SWF.

A policy memorandum was adopted at the meeting to be forwarded to the appropriate government agencies as the contribution of the Institute to advancing public policy.

AIAE's track records in the research-policy interface are evidenced by the platforms which she provided stakeholders over the years for critical discussions of the Fiscal Responsibility Act, Business Environment and Competitiveness, the Global Economic and Financial Crisis, Social Protection Policies, Agricultural Sector Policies and Programmes and others.

Participants from various relevant government agencies, civil society, non- governmental organisations, community leaders, researchers, think- tanks, the media and others attended the event.