President Muhammadu Buhari on Wednesday said his administration’s projects are designed to yield long-term benefits.

He restated his commitment to such projects, saying their “full impacts” would be felt long after his exit from office.

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He stated this during the inauguration of the Nigeria Sovereign Investment Authority (NSIA) Board in Abuja on Wednesday.

The new board, that will operate in a non-executive capacity, has Farouk Mohammed Gumel from Northwest as chairman.

The others are Babatunde Sobamowo (Southwest), Isiekwena Ikemefuna Louis (Southsouth), Ali Goni Kadugum (Northeast), Oniyangi Kabir Sulaiman (Northcentral) and Ike Chioke (Southeast).

Buhari, according to a statement by his Special Adviser on Media and Publicity, Femi Adesina, challenged the board to embark on investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030.

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Reappraising the roles of the NSIA as a strategic government partner, the President told the board that the “long term projects and programmes” of his administration are primarily designed to create jobs for Nigerians.

He said: ‘‘This administration took the very difficult decision to invest for the long term. We avoided taking shortcuts knowing very well that the full impact of most of the projects we started will only be felt long after we have left office.

“This government operates on the agenda for long term change which we all agree is inevitable. Change happens whether you are ready for it or not.

‘‘As representatives(board members) of the Authority, you are required to continue to drive the performance of the NSIA to deliver benefits to all Nigerians.