Oladele: National Sovereign Wealth Fund, a Legal Regime for Wealth Generation and Income Redistribution, Prospects for Poverty Alleviation and Pitfalls

ABSTRACT:

 

This paper seeks to look at the latest attempt to generate wealth, redistribute income with a view to alleviating poverty in Nigeria, the National Sovereign Wealth Fund. An effort will be made to analyze the legal framework of the fund, that is the Nigerian Sovereign Investment Authority (NSIA) Bill signed into law in 2011 as a vehicle for wealth generation and income redistribution, the benefits of the funds and its constitutionality. The paper concludes that for the fund to benefit Nigerians, we should ensure transparency in accordance with the Santiago principles of best practices and proposes an amendment of Section 162 (1) of the 1999 Constitution.

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