President Muhammadu Buhari has inaugurated a 9-member board of the Nigeria Sovereign Investment Authority (NSIA).
The inauguration took place during the Federal Executive Council meeting chaired by Buhari at the State House in Abuja on Wednesday.
He charged the new board to invest more in order to support economic diversification, as oil prices are projected to drop to around $40 per barrel globally by 2030.
The President pointed out that their appointment was a call to duty, action and performance, adding that they were eminently qualified for the job.
He reaffirmed his administration’s commitment to implementing long term projects and programmes that create jobs for Nigerians, while pointing out that most of the strategic projects started under his watch will only be felt long after he had left office.
The President’s Special Adviser on Media and Publicity, Femi Adesina disclosed the details of the inauguration in a statement.
In the statement, President Buhari 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.
‘‘The bar before you is very high and all of us are counting on you to deliver. If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you.
He expressed delight that so far the institution has discharged its mandate dutifully.
‘‘This is why we prioritised the appointment of a new Board to ensure that the Authority does not lose steam and can continue to benefit from the oversight it needs to deliver on its mandate.
‘‘The new Board we assembled has a crop of seasoned, eminently qualified, and experienced professionals.
‘‘We expect these individuals to bring their wealth of experience to bear, in the next phase of NSIA’s journey,’’ he said.
The President also used the opportunity to appreciate the last Board of Directors, whose tenure ended in May 2021 for their commitment, dedication and contributions to the implementation of the objectives of the Authority.
The newly inaugurated Board members include Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Sir Babatunde Sobamowo (South West), Non-Executive Director; Isiekwena Ikemefuna Louis (South South), Non-Executive Director; Ali Goni Kadugum (North East), Non-Executive Director; Oniyangi Kabir Sulaiman (North Central), Non-Executive Director; and Ike Chioke (South East), Non-Executive Director.