Nigeria Looks To Set Up SWF

Nigeria is seeking to set up the country’s first sovereign wealth fund (SWF),BusinessDayreports, citingReuters. The fund will be aimed at better managing Nigeria’s oil revenues.

The proposal is being opposed by state governors who believe the SWF would mean fewer funds for local governments. The Nigerian government has promised that it will prune expenditure and contain the budget deficit within 3 percent.

Click here for the story fromBusinessDay.