HMF
SWEARING IN CEREMONYSTATE HOUSE, ABUJA
HONOURABLE MINISTER OF FINANCE
Ministerial Tenure Report MAY 2010 - MAY 2011
Ministerial Tenure Report May 2010 - May 2011
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Swearing In Ceremony May 2010 The Honourable Minister of Finance of the Federal Republic of Nigeria, Olusegun Olutoyin Aganga, was appointed to the Nigerian Government by His Excellency, the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan GCFR in March 2010. The Honourable Minister was tapped by the President to serve his country while he was pursuing a highly successful career in the United Kingdom as Managing Director at Goldman Sachs International, the world’s foremost investment banking institution. He was tasked by the President to work with the Government to set a new direction for the Nigerian economy, to pursue a reformdriven transformational agenda that will rebuild Nigeria’s economy on a sustainable and structurally sound footing at the same time as it recognises our potential, strengths and unique challenges. As a technocrat with a background in international capital markets and finance, he presents the new face of Nigeria to the international investor community and international financial institutions.
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SWEARING IN CEREMONY - STATE HOUSE, ABUJA
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Ministerial Tenure Report May 2010 - May 2011
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Ministerial Tenure Report May 2010 - May 2011
SWEARING IN CEREMONYSTATE HOUSE, ABUJA
INAUGURATION OF NATIONAL ECONOMIC MANAGEMENT TEAM (NEMT)
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o accomplish the Administration’s economic reform agenda, His Excellency, the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan reinstituted a restructured National Economic Management Team (NEMT) with the Honourable Minister of Finance as Chairman. The role of the NEMT is to coordinate and implement the activities of the key economic Ministries, Departments and Agencies (MDAs) in conjunction with the private sector, as needed, with the aim of delivering sustainable economic growth and job creation. The Honourable Minister quickly set about developing an agenda for the Ministry of Finance and the NEMT in order to achieve the goals of the Administration. Therefore the Honourable Minister has spearheaded the development and execution of an Economic Growth Strategy that targets double-digit economic expansion in the medium term that will place Nigeria in the top tier of emerging economies within the next decade. There are four closely linked pillars. 1. The Sourcing and Allocation of Capital: To stimulate the real sector of the economy and infrastructure with access to cheap and long-term capital. 2. Inclusive Growth and Job Creation: To foster economic growth and job creation by providing opportunities for economic and human development especially in the most labour intensive segments of the economy such as agriculture, housing and manufacturing. 3. Removing Barriers to Enhanced Productivity: To enhance the productivity of the Nigerian people and enterprise through the reduction of the infrastructure deficit, provision of critical infrastructure and an improvement in the supply of power. 4. Improving the Business Climate and Governance: To improve competitiveness and to strengthen the environment for doing business.
Nigeria’s
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INAUGURATION OF NATIONAL ECONOMIC MANAGEMENT TEAM
Presenting the Economic Reform Agenda to members of the NEMT
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Ministerial Tenure Report May 2010 - May 2011
INAUGURATION OF NATIONAL ECONOMIC MANAGEMENT TEAM
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INAUGURATION OF NATIONAL ECONOMIC MANAGEMENT TEAM
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
FIRST PILLAR OF THE ECONOMIC GROWTH STRATEGY
SOURCING AND ALLOCATION OF CAPITAL WHY ARE WE DOING THIS?
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he aim is to stimulate the real sector of the economy and infrastructure with access to cheap and long-term capital. Increasing the availability of domestic and international capital will enable companies and individuals to start and build enterprises, create employment and contribute to economic growth.
WHAT ARE WE DOING? Our efforts can be sub-divided into two broad categories: domestic and international initiatives. Under the former, the Honourable Minister is focused on establishing a Nigerian Sovereign Wealth Fund (NSWF) to catalyze co-investment from domestic and international investors into Nigerian infrastructure, the operationalisation of the Asset Management Company of Nigeria (AMCON) and the strengthening of the Nigerian Stock Exchange, the capital markets and the legal environment for contract enforcement. Efforts are being made to refocus and support the Nigerian Development Financial Institutions (DFIs) as well as to scale up the recent intervention initiatives by the Central Bank of Nigeria (CBN) in the aviation, agriculture, power and SME sectors. A committee under the leadership of the Bank of Industry (BOI) was inaugurated to come up with Action Plan on ensuring increased credit allocation to the real sector of the economy as well as provide practical measures to ensure that Nigeria’s DFIs are strengthened to effectively support the real sector of the economy. We are now working to implement the recommendations in the report. The international initiatives include the issuance by the Government of a US$500 million benchmark Eurobond into the international capital markets that will become a benchmark against which domestic firms can raise capital in the international capital markets as well as become a risk pricing indicator for international investors. An investor relations unit is being established within the Ministry to liaise with the international credit rating agencies and international investors. The unit will be responsible for the management of Nigeria’s sovereign credit ratings and managing investor relations and information requests from domestic and international investors.
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
FIRST PILLAR OF THE ECONOMIC GROWTH STRATEGY
SOURCING AND ALLOCATION OF CAPITAL We are also establishing a Sovereign Risk Management Unit within the Ministry with the support of the World Bank. This Unit will be responsible for the monitoring and management of the fiscal, economic and financial risks Nigeria runs with respect to its sovereign balance sheet and budget. One of the key tasks of this Unit will be to issue guarantees for critical infrastructure projects in order to catalyze the required financing for the projects from the private sector.
KEY HIGHLIGHTS TO DATE: 1. US$1 billion has been set aside as seed capital for the Sovereign Wealth Fund. The Nigerian Sovereign Investment Authority Bill has now been passed by the Senate and the house of representatives has gone through a fast approval process, having been submitted in December 2010 and passed in May 2011. The bill now awaits presidential assent. 2. AMCON has been established and has begun operations. 3. The Securities and Exchange Commission (SEC) has taken measures to restructure the Nigerian Stock Exchange, strengthen oversight and regulatory functions and to pursue cases of market abuse in order to restore confidence to the markets. 4. Nigeria has launched its debut 10 year US$500 million Eurobond with a coupon of 6.75%. The Eurobond will provide a benchmark against which Nigerian corporates can raise long-term funds which can be on-lent to support the real sector and finance infrastructure. 5. A â‚Ś500 billion intervention fund has been launched to refinance loan facilities for companies in the power, manufacturing and aviation sectors at single digital interest rates US$500 million has also been sourced to fund small and Growing Business (SGBs).
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STAKEHOLDER SESSION WITH CAPITAL MARKET OPERATORS - LAGOS
Hearing from Capital Market operators and stating the case for strengthening the Nigerian capital markets
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STAKEHOLDER SESSION WITH CAPITAL MARKET OPERATORS - LAGOS
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STAKEHOLDER SESSION WITH CAPITAL MARKET OPERATORS - LAGOS
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Ministerial Tenure Report May 2010 - May 2011
STAKEHOLDER SESSION WITH CAPITAL MARKET OPERATORS - LAGOS
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STAKEHOLDER SESSION WITH CAPITAL MARKET OPERATORS - LAGOS
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Ministerial Tenure Report May 2010 - May 2011
SWEARING IN CEREMONYSTATE HOUSE, ABUJA
SECOND PILLAR OF THE ECONOMIC GROWTH STRATEGY
INCLUSIVE GROWTH & JOB CREATION WHY ARE WE DOING THIS?
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o foster economic growth and job creation by providing opportunities for economic and human development especially in the most labour intensive segments of the economy including agriculture, housing and manufacturing. This Administration has taken up the challenge, in line with the transformational agenda of the President of creating economic growth with a reduction in the level of unemployment and poverty in order to create an inclusive society. The vision of the Government is that the man on the street should feel and recognise the positive impact of Nigeria’s high growth environment.
WHAT ARE WE DOING? The Administration working to ensure that employment increases in line with the level of economic growth. The NEMT is targeting labour intensive sectors such as agriculture, housing and manufacturing. Agriculture, as the largest contributor to the real Gross Domestic Product (GDP) and a major source of employment, is a key area of focus. A Job Creation Committee chaired by the prominent businessman, Alhaji Aliko Dangote, was inaugurated to develop an action plan for the creation of Nigerian jobs. This Committee has submitted its report and steps are now being taken to implement the recommendations included in the report. We are working with the Lagos Business School to create an Enterprise Development Programme to equip entrepreneurs with the necessary skills to develop their businesses and access finance more easily. The plan is to develop training programmes for trainers at 24 Enterprise Development Centres nationwide. In addition, a US$600 million facility has been sourced to provide cheap long term funding to SGBs and SMEs. A Growth and Employment Pact (GEP) was organised in conjunction with the World Bank to bring stakeholders in sectors of the economy such as construction, ICT, entertainment and meat & leather together with decision makers in the public sector to create an action plan to boost employment and economic growth in these sectors.
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
SECOND PILLAR OF THE ECONOMIC GROWTH STRATEGY
INCLUSIVE GROWTH & JOB CREATION KEY HIGHLIGHTS TO DATE: 1. The Growth & Employment Pact event held in August 2010 brought together public and private sector stakeholders in construction, ICT, entertainment tourism and meat & leather. One outcome of the GEP is the presidential approval for a US$200 million credit facility to support the burgeoning Nigerian entertainment industry. 2. The submission and implementation of the Action Plan for Job Creation by the Alhaji Aliko Dangote led Committee on Job Creation. 3. Launch of the Enterprise Development Programme for SGBs/SMEs with 24 Enterprise Development Centres developed with Lagos Business School (LBS) and a US$500 million funding facility.
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GROWTH & EMPLOYMENT PACT - TRANSCORP HILTON, ABUJA
Developing partnerships between public and private stakeholders in key growth sectors. Ministerial Tenure Report May 2010 - May 2011
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GROWTH & EMPLOYMENT PACT - TRANSCORP HILTON, ABUJA
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GROWTH & EMPLOYMENT PACT - TRANSCORP HILTON, ABUJA
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STAKEHOLDER SESSION WITH CONSTRUCTION INDUSTRY - TRANSCORP HILTON, ABUJA
Leading the discussion with construction sector stakeholders on creating jobs and increasing growth in the sector
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STAKEHOLDER SESSION WITH CONSTRUCTION INDUSTRY - TRANSCORP HILTON, ABUJA
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STAKEHOLDER SESSION WITH CONSTRUCTION INDUSTRY - TRANSCORP HILTON, ABUJA
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Ministerial Tenure Report May 2010 - May 2011
INAUGURATION OF COMMITTEE ON JOB CREATION
Tasking the newly inaugurated Job Creation Committee to develop an action plan to create employment in labour intensive sectors of the economy Ministerial Tenure Report May 2010 - May 2011
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INAUGURATION OF COMMITTEE ON JOB CREATION
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INAUGURATION OF COMMITTEE ON JOB CREATION
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SUBMISSION OF THE REPORT ON JOB CREATION
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SUBMISSION OF THE REPORT ON JOB CREATION
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SUBMISSION OF THE REPORT ON JOB CREATION
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Presidential Summit on Job Creation Aso Villa, Abuja
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Presidential Summit on Job Creation Aso Villa, Abuja
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LAUNCH OF PUBLIC MASS TRANSIT FUNDING SCHEME - OLD PARADE GROUND, ABUJA
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LAUNCH OF PUBLIC MASS TRANSIT FUNDING SCHEME - OLD PARADE GROUND, ABUJA
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LAUNCH OF PUBLIC MASS TRANSIT FUNDING SCHEME - OLD PARADE GROUND, ABUJA
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Signing infrastructure financing agreements with China EXIM Bank
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Signing infrastructure financing agreements with China EXIM Bank
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Signing infrastructure financing agreements with China EXIM Bank
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Ministerial Tenure Report May 2010 - May 2011
Signing infrastructure financing agreements with China EXIM Bank
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launching the $500m Small and Growing Business Enterprise Fund
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launchingIN SWEARING the CEREMONY$500m Small and Growing STATE HOUSE, Business Enterprise ABUJA Fund
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Launching Nigeria’s debut Eurobond
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Launching Nigeria’s debut Eurobond
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
THIRD PILLAR OF THE ECONOMIC GROWTH STRATEGY
REMOVING BARRIERS TO ENHANCED PRODUCTIVITY WHY ARE WE DOING THIS? To enhance the productivity of the Nigerian people and enterprise through the reduction of the estimated US$100 billion infrastructure deficit, provision of critical infrastructure and an improvement in the supply of power.
WHAT ARE WE DOING? The delivery of power is underpinned by actions to implement the Roadmap for Power Sector Reform that was unveiled by the President in August 2010. The NEMT will support the privatisation process for the Power Holding Company of Nigeria which is expected to be concluded in 2011. The Federal Ministry of Finance is supporting the initiatives on power by working with the World Bank to provide partial risk guarantees that will encourage private sector investment in power generation. A Bulk Trader, owned by the Federal Government, has been incorporated to act as a single procurer of power from power generators. The Bulk trader will be supported with the World Bank partial risk guarantees. In addition, the Infrastructure Concession Regulatory Commission (ICRC) has led an Infrastructure Technical Working Group sponsored by the NEMT, composed of stakeholders in the public and private sectors that has produced a Roadmap for investment in Nigeria’s critical infrastructure. The Roadmap has identified 50 priority projects that need to be executed in order to boost productivity and sources of funding for the projects including the private sector, the budget and Public Private Partnership (PPP).
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
THIRD PILLAR OF THE ECONOMIC GROWTH STRATEGY
REMOVING BARRIERS TO ENHANCED PRODUCTIVITY KEY HIGHLIGHTS TO DATE: 1. Unveiling of the Roadmap for Power Sector Reform by Mr. President Jonathan. 2. Successful conclusion of power roadshow and receipt of 331 Expressions of Interest for Nigerian power generation and distribution companies in the first quarter of 2011. 3. Agreement with World Bank to provide partial risk guarantees in support of the power privatisation process. 4. Signing of Nigerian Electricity and Gas Improvement Project with the World Bank and PHCN to provide lines of credit and partial risk guarantees in support of gas supply agreements to improve power generation. 5. Agreement with the World Bank to provide partial risk guarantees to selected IPPs that have been nominated by the Ministry of Finance, in order to catalyze the financing that is required to build generation capacity. 6. Submission of the preliminary report of the NEMT sponsored and ICRC-led Infrastructure Technical Working Group. The report identifies 50 priority critical infrastructure projects and sources of funding.
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PRESIDENTIAL RETREAT FOR POWER INVESTORS - STATE HOUSE, ABUJA
Presenting the Federal Government’s financial measures to catalyze investment in the power sector
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PRESIDENTIAL RETREAT FOR POWER INVESTORS - STATE HOUSE, ABUJA
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MEETING VICE PRESIDENT SAMBO ON INFRASTRUCTURE FUNDING PLAN
Presenting the roadmap for funding Nigeria’s critical infrastructure projects to the Vice President 56
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VISIT TO THE ABUJA LIGHT RAIL PROJECT SITE
Engaging with contractors of the Abuja Light Rail Project and echoing the priority on rail projects by the Administration
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SIGNING OF WORLD BANK NEGIP AGREEMENT
Signing the NIGERIA ELECTRICITY AND GAS IMPROVEMENT PROJECT (NEGIP) Agreement with the World Bank to secure the commercial gas supply agreements between PHCN and the International Oil and gas companies. 60
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SIGNING OF WORLD BANK NEGIP AGREEMENT
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
FOURTH PILLAR OF THE ECONOMIC GROWTH STRATEGY
IMPROVING THE BUSINESS CLIMATE AND GOVERNANCE WHY ARE WE DOING THIS? This aims to improve Nigeria’s competitiveness and to strengthen the environment for doing business. The purpose is to implement a set of policies that will enhance the attractiveness of Nigeria as a place to do business.
WHAT ARE WE DOING? This involves the creation of a National Tax Policy from the Federal Inland Revenue Service (FIRS) with an enhanced emphasis on the simplification and modernisation of tax administration. In the area of customs administration reform, we are reviewing progress towards achieving 48-hours cargo clearance by streamlining procedure within customs and pots. We have continued to engage stakeholders on the issue of the business environment and how the Government can assist, these include the Growth & Employment Pact (GEP), sessions with the manufacturing industry, power generators or IPPs, financial institutions, capital markets and insurance sectors. We have also taken measures to promote and protect our local industries through a review of tariffs, the Import Prohibition List and other incentives. We are also taking measures to directly tackle the issue of Nigeria’s competitiveness ranking by inviting the World Economic Forum (WEF) who compile the rankings to sensitise both the public and private sectors.
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
FOURTH PILLAR OF THE ECONOMIC GROWTH STRATEGY
IMPROVING THE BUSINESS CLIMATE AND GOVERNANCE KEY HIGHLIGHTS TO DATE: 1. Stakeholder engagements to understand where policy can be implemented to improve the business environment. This includes the Growth & Employment Pact event held in August 2010. 2. Presidential appeal for the updated Import Prohibition List. 3. National Competitiveness Workshop with public and private sector stakeholders in conjunction with the World Economic Forum in November 2010.
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WORKING MEETING ON NATIONAL COMPETITIVENESS - NICON LUXURY, ABUJA
Participating in the World Economic Forum led workshop on National Competitiveness to boost Nigeria’s competitiveness ranking and improve ease of doing business
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WORKING MEETING ON NATIONAL COMPETITIVENESS - NICON LUXURY, ABUJA
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NIGERIA ECONOMIC SUMMIT GROUP MEETING - LAGOS
Presenting Nigerian Economic Blueprint to the organised private sector at a special session organised by the NESG
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NIGERIA ECONOMIC SUMMIT GROUP MEETING - LAGOS
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NIGERIA ECONOMIC SUMMIT GROUP MEETING - LAGOS
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STAKEHOLDER SESSION WITH MANUFACTURERS, NNPC AND BOI
Meeting manufacturing stakeholders to address issues relating to the growth of Nigerian Industries
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STAKEHOLDER SESSION WITH MANUFACTURERS, NNPC AND BOI
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MEETING WITH THE ORGANISED PRIVATE SECTOR - LAGOS
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MEETING WITH THE ORGANISED PRIVATE SECTOR - LAGOS
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
FISCAL AND BUDGETARY REFORMS In the furtherance of the objectives of the Ministry, it has been important to execute several I fiscal, budgetary and institutional reforms. It is essential that we protect, diversify and maximise the Nation’s revenue base. Therefore we have put in place certain interventions to improve revenue performance and block leakages. These actions include: 1. Process audits of all revenue generating agencies, including the Nigerian Customs Service (NCS) and the FIRS to ensure the full remittance of revenues to the Federation Account. 18 chartered accounting firms have been appointed to audit 39 Government Agencies and Parastatals; 2. A forensic and process audit of the Nigerian National Petroleum Corporation (NNPC) with KPMG as the lead auditors; 3. Deepening of customs and tax administration reforms; 4. Strengthening of the pre-inspection process for crude oil and the extension of the inspection process to gas; and 5. An Expenditure Review Committee was inaugurated to review the Government’s recurrent expenditure aimed at reducing the budget deficit and eliminate wastage. In addition, the Ministry is working to improve on the efficiency and quality of our capital and recurrent outlays so that Nigerians see results for every dollar or naira that we spend. We are working with our development partners to adopt a performancebased budgeting system that will ensure a shift from resource commitments to the MDAs towards actual execution, delivery and performance. We are in the process of engaging world-renowned capital programme managers that will work with the most capital intensive MDAs to improve the efficiency of their project delivery from inception through to procurement and construction.
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Inaugurating Presidential Task Force on Customs
Inaugurating the Presidential Task Force on Customs Reform to implement a plan for the transformation of the Customs Service into a modern, efficient institution that effectively facilitates trade
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Inaugurating Presidential Task Force on Customs
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VISIT TO NIGERIA CUSTOMS FORMATIONS TO IDENTIFY AREAS OF REVENUE LEAKAGES
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VISIT TO NIGERIA CUSTOMS FORMATIONS TO IDENTIFY AREAS OF REVENUE LEAKAGES
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VISIT TO NIGERIA CUSTOMS FORMATIONS TO IDENTIFY AREAS OF REVENUE LEAKAGES
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Ministerial Tenure Report May 2010 - May 2011
VISIT TO NIGERIA CUSTOMS FORMATIONS TO IDENTIFY AREAS OF REVENUE LEAKAGES
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INAUGURATION OF EXPENDITURE REVIEW COMMITTEE
Inaugurating the Expenditure Review Committee to review the expenditure pattern and assess quality spending for Nigerians
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INAUGURATION OF EXPENDITURE REVIEW COMMITTEE
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
Interaction with the International Investor Community In line with the Honourable minister’s vision of presenting the positive Nigerian economic story to the international investor community, the Federal Ministry of Finance sponsored an investor roadshow in London in September 2010. The roadshow covered private sector investor views of Nigeria, the efforts of the Securities & Exchange commission (SEC) to modernise, reform and restore confidence to the capital markets and a review of the Roadmap for Power Sector Reform in Nigeria. The Honorable Minister of Finance was the keynote speaker; other speakers included Ms. Aruma Oteh (DG SEC), Professor Barth Nnaji (Special adviser to the President on Power) and Oba Otudeko (Nigerian businessman and Chairman of the Honeywell Group as well as First Bank of Nigeria). The event was well received by investors and the financial media who had the chance to interact first hand with key players and reformers in the current administration
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
Presenting the Nigeria economic growth story and reform agenda to the international investor community and media
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
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INTERACTION WITH THE INTERNATIONAL INVESTOR COMMUNITY
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SWEARING IN CEREMONYSTATE HOUSE, ABUJA
Chairing the Joint Board of the Governors of the IMF and World Bank The 2010 Annual Meetings of the Joint Board of the Governors of the IMF and World Bank Group was held between the 4th and 12th of October in Washington DC, USA. This event was unique, because for the first time in the history of the Annual Meetings, Nigeria represented by the Honourable Minister of Finance, Olusegun Olutoyin Aganga, chaired the Joint Board of Governors during the 64th session of the Annual Meetings Plenary on 6th October, 2010. This was a rare honour and a mark of confidence in the Administration of His Excellency, the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan. As Chairman of the Joint Board, the Honourable Minister introduced a number of innovations including the shortening of the Annual Meetings Plenary period from 2 days to 1 day, the launch of a new logo for the Meetings and the broadcasting of the Governors’ statements to a much wider audience through a searchable internet interface. The Annual Meetings focused on the outlook for the global economy and financial markets; enhanced support during the crisis and recovery; the direction for further reforms; IMF reforms regarding the governance, quota and mandate of the fund; and the reform of the World Bank and the IMF to enhance the voice and participation of developing countries. The Honourable Minister also held a number of bilateral meetings with top officials of the IMF and World Bank Group, commercial banks and international rating agencies with the discussions centred on the economy, investment prospects and mutual cooperation.
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Meeting Robert Zoellick, President of the World Bank
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Meeting Dominique Strauss Khan, Managing Director of the IMF
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MEETING OF JOINT BOARD OF GOVERNORS OF THE IMF AND WORLD BANK GROUP
Chairing the 64th Session of the Annual Meetings Plenary during the 2010 Meetings of the Joint Board of Governors of the World Bank and IMF
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MEETING OF JOINT BOARD OF GOVERNORS OF THE IMF AND WORLD BANK GROUP
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PRESIDENT GOODLUCK JONATHAN MEETS WITH PRESIDENT BARACK OBAMA
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MEETING WITH MEMBERS OF BLACK CAUCUS ATLANTIC COUNCIL & NIGERIANS IN THE US
MEETING WITH MEMBERS OF THE BLACK CAUCUS ATLANTIC COUNCIL & NIGERIANS IN THE US
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MEETING WITH MEMBERS OF BLACK CAUCUS ATLANTIC COUNCIL & NIGERIANS IN THE US
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2010 MINISTERIAL PRESS BRIEFING TRANSCORP HILTON, ABUJA
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2010 MINISTERIAL PRESS BRIEFING TRANSCORP HILTON, ABUJA
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2010 MINISTERIAL PRESS BRIEFING TRANSCORP HILTON, ABUJA
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BIOGRAPHY Olusegun Olutoyin Aganga The Honourable Minister of Finance Mr. Olusegun Olutoyin Aganga is the Honourable Minister for Finance for the Federal Republic of Nigeria and the Chairman of Nigeria’s National Economic Management Team (NEMT), a position he assumed in April 2010. He was Chairman of the Joint Boards of Governors of the World Bank and the International Monetary Fund during the 64th session of the Annual Meetings Plenary in October, 2010. Prior to this, he was Managing Director - Goldman Sachs International (GSI), London. At GSI, his responsibilities included advising alternative investment fund managers and investors as well as engagement and advocacy with financial regulators, government officials and parliamentarians in Europe. He is a Fellow of the Institute of Chartered Accountants, served as a Chairman of the Association for Financial Markets in Europe (AFME) Prime Brokerage Committee and as a member of European Commission Alternative Investment Management Expert Group. Between 1989 and 2001, Mr. Aganga worked as a Chartered Accountant for Ernst & Young in London, UK and for Arthur Young in Lagos, Nigeria from 1978-1989. At Ernst & Young, he worked in a number of industries including asset management, banking, insurance, oil & gas and was responsible for the Hedge Fund practice. He is a founder of the Nigerian Leadership Initiative (NLI), a non-profit, non-partisan, international organisation and a member of the Aspen Global Leadership Network. NLI is a platform for accomplished Nigerian leaders to assume a transformative role in the development of the country. He also serves on a number of boards and committees including Technoserve. Mr. Aganga is a Chartered Accountant and has degrees from Oxford University, UK and University of Ibadan, Nigeria. He is married with children.
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