President Buhari Inaugurates Private Equity Fund

Nigeria’s President Muhammadu Buhari has inaugurated the National Steering Committee (NSC) of the National Poverty Reduction with Growth Strategy (NPRGS) chaired by Vice President Yemi Osinbajo

President Buhari noted that the NPRGS had already proposed the establishment of a private equity fund, the Nigeria Investment and Growth Fund (NIG-Fund), to lead resource mobilization drive and also sustainably manage the resources.

He added that the National Poverty Reduction with Growth Strategy would address the underlying causes of poverty based on which it developed programmes that would deal with the multi-dimensional nature of poverty within the practical context of comparative advantage of human and natural resources in the various geo-political zones.

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The major challenge before this National Steering Committee is to translate good intentions into the positive impact of the average Nigerian so that an appreciative impact on the poverty situation in the country can be created.

Meanwhile, he listed the responsibilities of the steering committee to include anchor collaborative efforts; provide oversight for the implementation of the strategy; guide Technical Working Group and Federal Ministries, Extra Ministerial Departments and Agencies, subnational governments and other stakeholders on meeting the objectives of the programme as well as monitoring progress and any other effort that would enhance the attainment of the objective of lifting 100 million people out of poverty in 10 years.

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The President says the responsibilities are onerous but expressed confidence that the committee will be able to lay the foundation and demonstrate, within the next two years, the practicality of lifting 100 million Nigerians out of poverty in or under 10 years.

In his address, Vice President Osinbajo noted that the President’s position that local governments, states and the Federal Government should work jointly to alleviate poverty in the country will be properly reflected in the framework and implementation


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