Botswana President , Advocate Duma Gideon Boko, has appointed Nigerian Farouk Gumel as the inaugural chairman of the Board of Directors for the newly established Botswana Sovereign Wealth Fund (BSWF) Limited. This strategic move underscores Botswana’s commitment to economic diversification and long-term resilience, aiming to reduce reliance on diamond mining.
Farouk Gumel brings extensive experience in investment and corporate leadership as vice chairman of Tropical General Investment (TGI) Group and former chairman of Nigerian Sovereign Investment Authority (NSIA). His expertise in sovereign wealth management is expected to drive BSWF’s success.
The BSWF aims for economic diversification by channeling resources into sectors like infrastructure, technology, healthcare, and renewable energy, fostering job creation and growth for Botswana. There’s a commitment to transparency and good governance in fund management.
President Boko emphasized the BSWF’s role in Botswana’s future, stating, “The Launch represents an investment in our country’s future, creating jobs, driving growth, and ensuring wealth works for all Botswana”.
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