Nigerian Senate passes sovereign wealth fund bill

Wed May 11, 2011 1:38pm GMT

ABUJA (Reuters) - Nigeria's Senate passed a bill to create a sovereign wealth fund on Wednesday, paving the way for Africa's biggest oil exporter to improve its management of windfall crude oil earnings.

The bill must also be passed by the lower house of parliament before a harmonised version is presented to President Goodluck Jonathan for assent, although lawmakers said the process should be relatively straightforward.

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