Abstract
For quite some time now, the Sovereign Wealth Fund (SWF) has become an issue in the front burner of Nigeria’s national debate. The manner it was handled by the federal government became suspicious because there was serious disagreement among the stake holders, starting with the source of funding. But the whole idea of SWF in itself has remained controversial especially with regard to the problem it is meant to solve. The paper makes a contribution to this debate with an analysis of the extant literature and theoretical framework. It cites examples of successful experiences of the SWF and the circumstances that back up their results and suggests that Nigeria’s search for a stable economic order does not lie in the SWF but more importantly to take care of all the necessary structural changes and erect a new political framework for a viable and durable economic development.
Highlights
The entrance of Nigeria into the Sovereign Wealth Fund (SWF) Regime has generated a lot of comments from Nigerians and the Nigerian State development partners alike
This is against the dilapidating state of infrastructure, biting poverty, endemic unemployment/underemployment; the fledgling effort of the Nigerian state to meet with the United Nations Millennium Development Goals by 2015, which is the minimum standard expected of states in the 21st century, so as to promote peace, stability, security and sustainable development; and enhance Global harmony
These issues were discussed in the paper, and of particular interest to Nigeria was the rationale behind Nigeria’s entrance to the Regime, given the myriad of socioeconomic indexes rendering such strategy undesirable at this point in time
Summary
The entrance of Nigeria into the Sovereign Wealth Fund (SWF) Regime has generated a lot of comments from Nigerians and the Nigerian State development partners alike. The cynical criticisms of citizens, the resistance by the state Governors, as well as the embrace of the Western World, in particular the Breton Wood Institutions chunked out numerous literatures from respective divides. This is against the dilapidating state of infrastructure, biting poverty, endemic unemployment/underemployment; the fledgling effort of the Nigerian state to meet with the United Nations Millennium Development Goals by 2015, which is the minimum standard expected of states in the 21st century, so as to promote peace, stability, security and sustainable development; and enhance Global harmony. Mmaduabuchi, OKEKE to the norms and values of globalization, as enthroned and supervised by the dominant power block in the international political and economic system
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