Nigeria becomes Africa's biggest economy

Abuja (AFP) - Nigeria on Sunday became Africa's biggest economy, leap-frogging South Africa, after the government announced a long-overdue rebasing of the country's gross domestic product.

Nigeria further depletes oil savings for spending

ABUJA (Reuters) - Nigeria will make a second $1 billion withdrawal from its Excess Crude Account (ECA) by next month to distribute to its three tiers of government for projects, reducing its oil savings to $6.82 billion, the state minister for finance said on Thursday.

Nigeria delays $1 bln wealth fund launch to March 2013

ABUJA (Reuters) - Nigeria will begin investing the initial $1 billion allocated to a new sovereign wealth fund by March, a finance ministry statement showed on Thursday, pushing back the launch previously proposed for this year.

Nigeria: Let the Sovereign Wealth Fund Be

Within a period of less than a year that he was Finance Minister, Mr Olusegun Aganga was able to conceive the idea of the Sovereign Wealth Fund (SWF), mobilise the support of the relevant stakeholders, initiate an executive bill which was forwarded the National Assembly, get it passed in record time and have the president assent to it.

It is a remarkable feat that demonstrates what commitment to noble ideals can achieve with the right people driving the process.