This week we kicked off the Sovereign Wealth Fund (SWF) which is a vehicle initiated by this administration to secure the future economic well being of Nigeria and Nigerians by investing in Infrastructure, ensuring future availability of investment capital through creative investments in long term assets and insuring the integrity of future budgets by setting aside funds to be used as last resorts to ensure fiscal stability. We have provided a seed capital of $1 billion to kick start the fund as well as established three sub funds- the Nigeria Infrastructure Fund; the Future Generations Fund and the Stabilisation Fund which will be the pillars of the SWF. It is time to start creating wealth and opportunities for generations of Nigerians yet unborn because we all know that they will be born. We also must creatively stimulate job creation for the current generation of Nigerians and we have begun to make progress in that regard with initiatives like the Youth Enterprise With Innovation in Nigeria (YouWin) initiative, a planned reduction in recurrent expenditure and an unprecedented first line allocation for education in the Appropriation Act. We must make those necessary sacrifices that will prepare Nigeria for a changing world where investments flow to the most desirable locations and in doing this the buck stops with me. GEJ


http://www.facebook.com/jonathangoodluck

Goodluck!!!

^^^^

Thanks - he is my love for life.

:d :d :d :d

We must make those necessary sacrifices that will prepare Nigeria for a changing world where investments flow to the most desirable locations and in doing this the buck stops with me

Any idea what is being sacrificed for this fund? I'm just curious.

^^^^

"For your tomorrow, we gave our today."

^ That's rather cryptic. I mean in real terms what is being giving up to set up this fund. Anyone knows?

You are unquestionably right keep it on!

:p

Staying in business suite at Transcorp Hilton ain't easy men. Who wouldn't love GEJ under the same circumstances?

Akanbi_edu:

Staying in business suite at Transcorp Hilton ain't easy men. Who wouldn't love GEJ under the same circumstances?

Daft -

Bawss1:

Any idea what is being sacrificed for this fund? I'm just curious.

Illegality is the only thing being sacrificed. There were no laws governing the past structure (Excess Crude), therefore it was considered illegal by all comers.
The governors on the other hand saw this as a free for all to demand and divide, because the constitution has loopholes that entitles them to the ECA money; therefore, the country could never make any real savings or foreign investments.

The shiny brand new SWF is fully ring-fenced from any greedy paws by law (hence the governors are upset) and ties very neatly into the other economic and strategic plans of the FG, notably the Petroleum Industry Bill (PIB).
One of the principal thrusts of the PIB is to break up the NNPC into several units that will all generate profits, rather than being the current budgetry sinkholes they are. One of the units of the split NNPC will be a drilling and prospecting company that will vie for business (prospecting, drilling and refining) across the Globe; much of such forays will be initially financed by the SWF; when the company is properly up and running, some of its profits will serve to drive the SWF.

The above is just a small example from the oil sector alone. Along with GEJ's new local content laws, we will see oil begin to work for the country for the first time in our 51 year history. Before now Shell and its likes simply drilled whatever quantity of oil they wanted, gave us any figure for number of barrels drilled, got paid without Nigerian involvement and that what it.
Slaves in our own land.

The SWF will help power all sorts of investments in every kind of field. Nigeria could, for example, invest in a high tech chip manufacturing plant in Hong Kong and filter the technology back home; we could even use our fund as aggressively as the Chinese use theirs and wholly buy up high tech companies all over the Globe. Before you know it, Nigeria would be a developed nation. We have the money to buy that for ourselves, in fact we have had it for decades, its just that we have also lacked visionary leaders for decades.

Well done GEJ, we be luv'n the Fresh Air!

It is becoming very glaring that Gej is not only in fb, he is also in nl.

Kx:

It is becoming very glaring that Gej is not only in fb, he is also in nl.

So?

Let's see how the fund will be managed. Time will tell.

Retardeen has started opening his mouth again.

Why cant Odechukwu just keep quiet for Gods sake

Just polutting the air with his retardeed opinions.

"Lets pray for criminals to confess."

"People shouldnt panic terror attacks are happening all over the world"

Beaf:

Illegality is the only thing being sacrificed. There were no laws governing the past structure (Excess Crude), therefore it was considered illegal by all comers.
The governors on the other hand saw this as a free for all to demand and divide, because the constitution has loopholes that entitles them to the ECA money; therefore, the country could never make any real savings or foreign investments.

The shiny brand new SWF is fully ring-fenced from any greedy paws by law (hence the governors are upset) and ties very neatly into the other economic and strategic plans of the FG, notably the Petroleum Industry Bill (PIB).
One of the principal thrusts of the PIB is to break up the NNPC into several units that will all generate profits, rather than being the current budgetry sinkholes they are. One of the units of the split NNPC will be a drilling and prospecting company that will vie for business (prospecting, drilling and refining) across the Globe; much of such forays will be initially financed by the SWF; when the company is properly up and running, some of its profits will serve to drive the SWF.

The above is just a small example from the oil sector alone. Along with GEJ's new local content laws, we will see oil begin to work for the country for the first time in our 51 year history. Before now Shell and its likes simply drilled whatever quantity of oil they wanted, gave us any figure for number of barrels drilled, got paid without Nigerian involvement and that what it.
Slaves in our own land.

The SWF will help power all sorts of investments in every kind of field. Nigeria could, for example, invest in a high tech chip manufacturing plant in Hong Kong and filter the technology back home; we could even use our fund as aggressively as the Chinese use theirs and wholly buy up high tech companies all over the Globe. Before you know it, Nigeria would be a developed nation. We have the money to buy that for ourselves, in fact we have had it for decades, its just that we have also lacked visionary leaders for decades.

Well done GEJ, we be luv'n the Fresh Air!

Sounds good, makes alot of sense. Can PDP be trusted?. I am sure some PDP members somewhere are planning how to scuttle this good intention of Mr president and his team. As earlier said,time will tell.

dayokanu:

Retardeen has started opening his mouth again.

Why cant Odechukwu just keep quiet for Gods sake

Just polutting the air with his retardeed opinions.

"Lets pray for criminals to confess."

"People shouldnt panic terror attacks are happening all over the world"

@dayokanu,"The difference between genius and stupidity is that genius has limit" we are tired of this your retardeen and odechukwu, grow up!

^^^Unfortunately, he cant grow up because he is the real retardeen. Thats why he loves the word soooooooooooo much!

All the BeST GEJ!
We're solidly behide you!!!!!!!

Beaf:

Illegality is the only thing being sacrificed. There were no laws governing the past structure (Excess Crude), therefore it was considered illegal by all comers.
The governors on the other hand saw this as a free for all to demand and divide, because the constitution has loopholes that entitles them to the ECA money; therefore, the country could never make any real savings or foreign investments.

The shiny brand new SWF is fully ring-fenced from any greedy paws by law (hence the governors are upset) and ties very neatly into the other economic and strategic plans of the FG, notably the Petroleum Industry Bill (PIB).
One of the principal thrusts of the PIB is to break up the NNPC into several units that will all generate profits, rather than being the current budgetry sinkholes they are. One of the units of the split NNPC will be a drilling and prospecting company that will vie for business (prospecting, drilling and refining) across the Globe; much of such forays will be initially financed by the SWF; when the company is properly up and running, some of its profits will serve to drive the SWF.

The above is just a small example from the oil sector alone. Along with GEJ's new local content laws, we will see oil begin to work for the country for the first time in our 51 year history. Before now Shell and its likes simply drilled whatever quantity of oil they wanted, gave us any figure for number of barrels drilled, got paid without Nigerian involvement and that what it.
Slaves in our own land.

The SWF will help power all sorts of investments in every kind of field. Nigeria could, for example, invest in a high tech chip manufacturing plant in Hong Kong and filter the technology back home; we could even use our fund as aggressively as the Chinese use theirs and wholly buy up high tech companies all over the Globe. Before you know it, Nigeria would be a developed nation. We have the money to buy that for ourselves, in fact we have had it for decades, its just that we have also lacked visionary leaders for decades.

Well done GEJ, we be luv'n the Fresh Air!

Well said BEAF. Its unfortunate there are so many stupid people here, they are too blind to see that GEJ meant well for Nigeria.
I trust GEJ and wont sing praises yet till after 3 years, by then I will have enough evidence to speak in favor or against him. For now I will say he has good intentions and plans for Nigeria, And I pray for God to guide him.

Now if you feel you hate GEJ as your president go hug transformer bc there's absolutely nothing you can do. You cant curse whom God has blessed. If you like call your president Retardeen or whatever stupid name, it doesn't matter. What matters is that he will still remain your president for at least 4 years. If you cant respect your elder/ president you will NEVER attain the level where someone will respect you.

Beaf:

Illegality is the only thing being sacrificed. There were no laws governing the past structure (Excess Crude), therefore it was considered illegal by all comers.
The governors on the other hand saw this as a free for all to demand and divide, because the constitution has loopholes that entitles them to the ECA money; therefore, the country could never make any real savings or foreign investments.

The shiny brand new SWF is fully ring-fenced from any greedy paws by law (hence the governors are upset) and ties very neatly into the other economic and strategic plans of the FG, notably the Petroleum Industry Bill (PIB).
One of the principal thrusts of the PIB is to break up the NNPC into several units that will all generate profits, rather than being the current budgetry sinkholes they are. One of the units of the split NNPC will be a drilling and prospecting company that will vie for business (prospecting, drilling and refining) across the Globe; much of such forays will be initially financed by the SWF; when the company is properly up and running, some of its profits will serve to drive the SWF.

The above is just a small example from the oil sector alone. Along with GEJ's new local content laws, we will see oil begin to work for the country for the first time in our 51 year history. Before now Shell and its likes simply drilled whatever quantity of oil they wanted, gave us any figure for number of barrels drilled, got paid without Nigerian involvement and that what it.
Slaves in our own land.

The SWF will help power all sorts of investments in every kind of field. Nigeria could, for example, invest in a high tech chip manufacturing plant in Hong Kong and filter the technology back home; we could even use our fund as aggressively as the Chinese use theirs and wholly buy up high tech companies all over the Globe. Before you know it, Nigeria would be a developed nation. We have the money to buy that for ourselves, in fact we have had it for decades, its just that we have also lacked visionary leaders for decades.

Well done GEJ, we be luv'n the Fresh Air!

Knowing your propensity to defend GEJ even when he is caught red handed stealing meat from the proverbial soup pot, i initially had misgivings as i began reading your piece about the defence of GEJ's new pet project the SWF.As i read further,the doubt i had was gradually erased by the logical reasoning  you presented behind setting up of the SWF.One that i identified with is the halt to the sharing of the ECA.Sound as the SWF may be, one salient issue is thrown up,TRUST.How can the Nigerian masses TRUST, the SWF will not be another conduit pipe,TRUST, investments are viable,TRUST, they will not be used to invest in companies that will later be sold cheaply to top government officials in the name of privatization,TRUST,earnings got from investment are ploughed back and not embezzled etc.Enlighten us.

wow! beaf though i know nothing about this but that explianation put some smile on my face!

thank God for Goodluck

apart from the crisis in the country, i think we have a future, all hope not lost yet

Ladipodeal:

Sounds good, makes alot of sense. Can PDP be trusted?. I am sure some PDP members somewhere are planning how to scuttle this good intention of Mr president and his team. As earlier said,time will tell.

Good question,

The-same IMF/WORLD BANK who told us to create the Excess Crude account, are now telling us to create The Sovereign Wealth Fund (SWF).

Well it all boils down to OIL MONEY.

No be so!!!

Toaskarity:

wow! beaf though i know nothing about this but that explianation put some smile on my face!

thank God for Goodluck

apart from the crisis in the country, i think we have a future, all hope not lost yet

These explanations are really out there, but GEJ has a very quiet nature, so nothing is screamed from the rooftops. Also, it has taken him time to bed into full power after the extremely divisive electioneering tactics of his opponents. IMHO, Nigeria will begin to see a flurry of policies aimed at the common man in the next few months. I hope govt can make their explanations more public friendly and understandable, especially with a highly vocal Okonjo Iweala.

I genuinely believe that GEJ has the greatest potential (and by a damn long shot) than anybody that has ever sat at the helm of our affairs. The only things his opponents have against him are that he is not eloquent and he is an introvert (but 60% of the smartest people are introverts).

mathskill:

Knowing your propensity to defend GEJ even when he is caught red handed stealing meat from the proverbial soup pot, i initially had misgivings as i began reading your piece about the defence of GEJ's new pet project the SWF.As i read further,the doubt i had was gradually erased by the logical reasoning  you presented behind setting up of the SWF.One that i identified with is the halt to the sharing of the ECA.Sound as the SWF may be, one salient issue is thrown up,TRUST.How can the Nigerian masses TRUST, the SWF will not be another conduit pipe,TRUST, investments are viable,TRUST, they will not be used to invest in companies that will later be sold cheaply to top government officials in the name of privatization,TRUST,earnings got from investment are ploughed back and not embezzled etc.Enlighten us.

Would you rather trust an ECA that was Obj's whim than a vehicle that is fully backed by law with checks and balances about what goes in, where, when and how it went in? And the same about what comes out, to who, why, when and where? All signed and stamped.
The SWF will not be there for governors to demand for as it was in the past with the illegal ECA. It also won't be there for anyone to dip their fingers into without records, this time we have a properly set up financial vehicle with the i's dotted and the t's crossed.

Of course, it might be possible for a smart guy to defraud the system, but it will be a one off, not the everyday "oil money is free" nonsense we have become used to.

boy t:

@dayokanu,"The difference between genius and stupidity is that genius has limit" we are tired of this your retardeen and odechukwu, grow up!

No wonder you are still stuck where you are. You would always remain a boy and most likely never grow up.

At your age you still refer to yourself as a boy.

edicolove:

^^^Unfortunately, he cant grow up because he is the real retardeen. Thats why he loves the word soooooooooooo much!

E-dickolover.

Who took your bread this time around? have you finished sucking Odeckuwus nuts?

Beaf:

These explanations are really out there, but GEJ has a very quiet nature, so nothing is screamed from the rooftops. Also, it has taken him time to bed into full power after the extremely divisive electioneering tactics of his opponents. IMHO, Nigeria will begin to see a flurry of policies aimed at the common man in the next few months. I hope govt can make their explanations more public friendly and understandable, especially with a highly vocal Okonjo Iweala.

I genuinely believe that GEJ has the greatest potential (and by a damn long shot) than anybody that has ever sat at the helm of our affairs. The only things his opponents have against him are that he is not eloquent and he is an introvert (but 60% of the smartest people are introverts).

me too,

as for the opponent,its normal and good as far as democracy is concern, though the way people ae using the opportunty in Naija is annoying

Beaf:

Would you rather trust an ECA that was Obj's whim than a vehicle that is fully backed by law with checks and balances about what goes in, where, when and how it went in? And the same about what comes out, to who, why, when and where? All signed and stamped.
The SWF will not be there for governors to demand for as it was in the past with the illegal ECA. It also won't be there for anyone to dip their fingers into without records, this time we have a properly set up financial vehicle with the i's dotted and the t's crossed.

Of course, it might be possible for a smart guy to defraud the system, but it will be a one off, not the everyday "oil money is free" nonsense we have become used to.

I am afraid you have not allayed my fears.Checks and balances abound everywhere in Nigeria,National assembly,anti-corruption agencies,regulatory orgarnizations,EFCC,NAFDAC,SON,ICPC name them.Nothing's left undotted or uncrossed in our  books, infact their a saying that Nigeria has got the best polices and implementation is our headache.Sorry but you've not shown me the silver bullet that will convince me the SWF wont be abused.To quote you ''it might be possible for a smart guy to defraud the system,''.I geuss youve said it all.

Ehn Ehn (Jensinmi clears throat)

Question o.

From ECA to SWF. No problem, VERY GOOD.

SWF is kicked off with $1 billion abi? NO WAHALA.

Abeg, what happened to the remaining amount of over $5 billion that was left in the ECA account now that it has been shut down??

mathskill:

I am afraid you have not allayed my fears.Checks and balances abound everywhere in Nigeria,National assembly,anti-corruption agencies,regulatory orgarnizations,EFCC,NAFDAC,SON,ICPC name them.Nothing's left undotted or uncrossed in our books, infact their a saying that Nigeria has got the best polices and implementation is our headache.Sorry but you've not shown me the silver bullet that will convince me the SWF wont be abused.To quote you ''it might be possible for a smart guy to defraud the system,''.I geuss youve said it all.

If we have left a system that was outside the law for one that is properly set up within the law, and you still strangely prefer the old lawless system then, there is nothing I can do to convince you.

Lol, for the first time, the generality agrees with Beafs, GEJ defence system. Well, in this case, any sane person should. We all want what is Good for our country. Good job beaf.

PS: But Beaf seriously I have always wanted to ask you this question. I know a few people might have asked. Do you actually work directly or indirectly for/with the Jonathan Administration or all this is just for , what? I only know you are a programmer.