President of Nigeria wants to finance infrastructures with oil revenues

17 September 2010

Goodluck Jonathan, the president of Nigeria, announced on Monday September 13 2010 his intention to create a fund designated for infrastructures and saving, financed by oil revenues.

"I have forwarded a bill to the National Assembly to create a National Sovereign Wealth Fund to ensure that we have the legal underpinning for national savings and also have the fund act as a vehicle for attracting and channelling capital flows to critical infrastructure," Agence France Presse quoted the Nigerian Head of State as saying.

A billion dollars had already been set aside for the fund, said the president, who also called for an increase in foreign investments for the development of Nigeria.

In a previous statement on August 26 in Lagos, he also indicated his desire to privatize the production and distribution of electricity, on the grounds of what he referred to as corruption and bad management.

He is also proposing to increase natural gas production to supply new electric power stations.

Categories: General, Energy

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