Nigeria: Sovereign Wealth Fund to invest $850m

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The investment arm of the Sovereign Wealth Fund (SWF) – the Nigeria Sovereign Investment Authority (NSIA) – has approved an investment allocation of $850 million for the three investment windows of the SWF.

Managing Director/CEO of NSIA, Mr. Uche Orji, said the Future Generations
Fund and the Nigeria Infrastructure Fund will each get $325 million or 32.5 per cent while the Stabilisation Fund will receive $200 million or 20 per cent. He spoke yesterday on the commencement of the operations of the NSIA

The remaining 15 per cent of $150 million, he said “will be kept as unallocated for now, and used to top up each of the ring-fenced funds, as opportunities arise.”

Orji said the plan “aims to balance the infrastructure need of the current generation and the need for savings for the future generation of Nigerians.”

Investment in the Stabilisation Fund will start next month as the Future Generation Fund will continue till end of 2013 “because it is a more diversified portfolio with a more complicated process.”

On Infrastructure Fund, Orji said: “a very detailed and thorough review of possible investment areas and projects is ongoing. The investments being considered with the infrastructure fund are housing, agriculture, power, water resources, transportation ,sports, aviation and health care.”

The objective of the NSIA he explained, is to build returns above inflation, and the reporting currency will be the dollar.

Source: Nation

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