Wednesday, October 19, 2011

Nigeria lays out roadmap for wealth fund launch

18 October 2011

By Joe Brock

ABUJA (Reuters) - Nigeria's finance minister laid out a timeframe for the launch of the country's sovereign wealth fund (SWF) on Tuesday, paving the way for Africa's biggest oil exporter to improve the management of often-squandered crude oil earnings.

Former World Bank chief Ngozi Okonjo-Iweala said the SWF would be managed by global auditor and consultancy KPMG, which had already begun recruitment to get a board for the fund in place by mid-December.

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