Business
Nigeria To Begin Operation Of $1bn Sovereign Fund
The Finance Minister of Nigeria, Dr (Mrs) Ngozi Okonjo-Iweala, Nigeria’s $1 billion sovereign-wealth fund is set to start operating in the next few months, which would mark a crucial step to help the governement finance the revamping of its ramshackle roads and power grids.
Ms. Okonjo-Iweala, in an interview with our source on the sidelines of the World Economic Forum, said the $1 billion will be pulled from Nigeria’s Excess Crude Account, which also funds the country’s fuel subsidy.
Ms. Okonjo-Iweala, who was recently in the spotlight for her unsuccessful bid for the World Bank presidency, said the fund’s management team will be selected in the next few weeks.
The sovereign-wealth fund will be overseen by a governing council, made up of members of civil society including representatives from media and academics, that will review its decisions to ensure that the money is transparently invested, she said.
The fund is a major component in Nigeria’s attempt to hedge against budget volatility, build infrastructure, combat unemployment and provide economic growth.
“We want this growth to be inclusive and job creating because as of now there are not going to be enough jobs. We want to focus on the diversification of the economy,” Ms. Okonjo-Iweala said.
Separately, she said Nigeria’s move to convert 10% of its foreign currency reserves from U.S. dollars to Chinese yuan last year is “prudent and sensible” given the increasing trade with China.
Buoyed by low external debt of less than 3 percent and high petroleum prices, sub-Saharan Africa’s biggest crude oil exporter grew 7.4% last year and is forecasting a growth of 7% to 8% in the budget for 2012.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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