Home Economy Nigeria Sovereign Wealth begins operations, allocates $1 billion

Nigeria Sovereign Wealth begins operations, allocates $1 billion

by Business News Report

Uche OrjiThe Nigeria Sovereign Investment Authority, NSIA, has disclosed the allocation of its $1 billion (about N155 billion) take-off of capital to the three statutory funds through which it would achieve its operational objectives.

The Managing Director, MD, of the authority, Mr. Uche Orji, told journalists in his maiden press briefing that the Future Generations Fund, as well as, the Infrastructure Fund were allocated 32.5 per cent, each while the Stabilisation Fund was allocated 20 per cent. He explained that the remaining 15 per cent would be warehoused as unallocated in the immediate, until such a time that a decision would be taken on it with a view to adding to any of the funds, as considered necessary.

Mr. Orji’s words, “the Future Generations Fund and the Nigeria Infrastructure Fund will each get 32.5 per cent, while the Stabilisation Fund will receive 20 per cent .  The remaining 15 per cent will be kept as unallocated for now, and used to top up each of the ring-fenced funds, as opportunities arise.” The ring-fenced funds are the Nigeria Infrastructure Fund and the The MD revealed that his team would commence investment in the Stabilisation Fund early next month.  Similarly, investment in the Future Generations Funds would start next month and would continue throughout the remaining part of the year.

Mr. Orji said that a detailed review of investment windows in the nation’s transport, power, water, and housing sectors was on-going with a view to investing the Infrastructure Fund in such a professional manner to guarantee the highest value for Nigerians. “Our focus is on investments that are both relevant to the current needs of Nigerians, profitable and sustainable”, he said, adding, “we are ready to go anywhere to get the best deals for Nigeria”.

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