UPDATE 2-Nigeria president submits bill to create wealth fund
* Fund to help finance infrastructure development
* $1 billion set aside in seed capital
* Jonathan eyes increased foreign investment
(Adds details throughout)
By Felix Onuah
ABUJA, Sept 13 (Reuters) - Nigerian President Goodluck Jonathan said on Monday he had sent a bill to parliament to create a sovereign wealth fund and that federal and state governments had set aside $1 billion in seed capital.
Africa's biggest oil producer wants to establish the fund to divert more of its revenues towards badly-needed infrastructure development, save for future generations, and set aside a financial reserve to weather any economic downturns.
The wealth fund would replace the current system by which the OPEC member is meant to save oil revenues above a benchmark price into an excess crude account (ECA), a pillar of reforms backed by the International Monetary Fund and launched in 2003. Continued...