SAN FRANCISCO, September 19, (THEWILL) – The leadership of the ruling Peoples Democratic Party (PDP) has faulted the position of the opposition All Progressives Congress (APC) lawmakers on the management of the Sovereign Wealth Fund (SWF), describing it as an expose of crass ignorance and obvious unpreparedness of their party to manage the affairs of the nation.
In a statement issued on Thursday, PDP National Publicity Secretary, Chief Olisa Metuh, described the APC lawmakers as frustrated political adventurers with penchance for destructive criticisms that exhibit their emptiness and poor understanding of international financial system.
The ruling party said contrary to insinuations that the SWF has been mortgaged to foreign interests, the fund is managed in line with international best practices that guarantee prudence, foreign participation and return on investment.
“For the avoidance of doubt, the Chief Executive Officer of the Fund is a Nigerian who was painstakingly chosen and employed through a process that accords with highest international standard. In the same vein, the Chief Investment Officer, a foreigner, is a tested fund administrator with decades of impeccable management record in countries such as Saudi Arabia.
“Suffice it to mention that Abu Dhabi, Qatar and Kuwaiti SWF (which are among the best in the world) are managed by foreigners.
“The essence of involving foreign partners in the management of the SWF in a world that has become a global village is very obvious. The SWF is expected to drive the nation’s investment frontiers and the participation of foreigners in its management does not in any way mortgage its credibility.
“While it is clear that Nigeria has not closed its doors to foreign investments, the inflow of such investments does not in anyway suggest that such investors have lost confidence in the economy of their respective countries.
“Furthermore, qualified Nigerians are known to be manning sensitive positions in the economy of other nations and have not been disqualified on the grounds of nationality,” the statement said.
The PDP however assured that the nation’s investment in the SWF remains safe and secure, adding that it will ensure that it is properly managed for the benefit of the present and next generations of Nigerians.
The ruling party therefore advised the APC lawmakers to get their facts right and stop exposing their ignorance.
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