President Muhammadu Buhari has said the impact of his project will be felt after he leaves office in 2023.
The president said this after inaugurating new board of the Nigeria Sovereign Investment Authority (NSIA).
At the brief ceremony which held at State House, Abuja, Buhari tasked the board to make more investments that support economic diversification, as global oil prices were projected to drop to around $40 per barrel by 2030.
The president restated his administration’s commitment to implementing long term projects and programmes that create jobs for Nigerians.
He said the full impact of most of the strategic projects started under his watch would only be felt long after he had left office.
He described the appointment of the 9-man board as a call to duty, action and performance, adding that they were eminently qualified for the job.
“This Government operates on the agenda for long term change which we all agree is inevitable. Change happens whether you are ready for it or not.’
“As representatives of the Federation, you are required to continue to drive the performance of the Authority to deliver benefits to all Nigerians.
“You must bear in mind that the National Economic Council, your Governing Council and Nigerians as a whole will hold you accountable for this mandate.
“Periodically, you will be required to provide evidence of your stewardship at the Governing Council Meetings where your performance will be assessed.
“The bar before you is very high and all of us are counting on you to deliver. If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you,’’ the President said.
The President recounted that NSIA, which is one of Nigeria’s premier economic institutions, was conceived to be a store of wealth which may be drawn upon at times of economic challenges thereby encouraging external investors and lenders.
He expressed delight that so far the institution has discharged its mandate dutifully.
“This is why we prioritized the appointment of a new Board to ensure that the Authority does not lose steam and can continue to benefit from the oversight it needs to deliver on its mandate.
“The new Board we assembled has a crop of seasoned, eminently qualified, and experienced professionals.
“We expect these individuals to bring their wealth of experience to bear, in the next phase of NSIA’s journey,” he said.
The President also used the occasion to thank the last Board of Directors whose tenure ended in May 2021.
Acknowledging their commitment, dedication and contributions to the implementation of the objectives of the Authority, the President said: “This distinguished group of patriotic Nigerians heeded the call to serve and deployed the best of their abilities to oversee the affairs of the Authority on behalf of the nation over the last four years.
“Accordingly, in the past four years, both the public and private sectors in Nigeria have partnered on strategic projects with the NSIA.
“On the public sector partnership, we are working with the NSIA on strategic infrastructure projects such as the Second Niger Bridge, the Lagos – Ibadan Express Way and the Abuja – Kano Road, to mention a few.
“On the private sector collaborations, we have projects such as the Presidential Fertiliser Initiative, the Presidential Artisanal Gold Mining Initiative and the NSIA Healthcare Development and Investment Company amongst many.
“Although these projects and programMEs have immediately created jobs from a development standpoint, the wider impact on society will only be felt in years to come.”