Nigeria’s Sovereign Wealth Fund Now Over $2b—Orji

September 20, 2017
Nigeria’s Sovereign Wealth Fund Now Over $2b—Orji

By Modupe Gbadeyanka

Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Dr Uche Orji, has disclosed that the country’s sovereign wealth fund has grown “slightly over $2 billion.”

Mr Orji made this disclosure to the Presidency Office of Digital Engagement (PODE), an in-house digital agency for Aso Rock, the seat of power in Nigeria.

“The funds altogether, including its own funds and those it manages for other government agencies, the sovereign wealth fund is slightly over $2 billion right now,” the NSIA boss said a video shared by the presidency on Tuesday.

Business Post gathered that from the above figure, Federal Government’s contribution stands at about $1.5 billion, while the rest were from funds owned by the institution and those managed for several government agencies.

Speaking further, Mr Orji said government was now focused on expanding the fund with attention on domestic investments in agriculture, power and others.

“We are focused right now more on domestic investments. We spent the first couple of years on foreign investments. But now we are looking at investments in agriculture, power, infrastructure, downstream sector of the oil and gas industry etc,” the NSIA chief executive disclosed.

NSIA is a Nigerian establishment which manages the Nigeria sovereign wealth fund into which the surplus income produced from Nigeria’s excess oil reserves is deposited.

This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria.

The wealth fund commenced operations in October 2012 and was set up by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011.

It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.

The fund was allocated an initial $1 billion in seed capital. However, an additional $0.5 billion has been contributed to date by the current administration.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

KongaPay Partners RedCloud to Deepen Financial Inclusion
Previous Story

KongaPay Partners RedCloud to Deepen Financial Inclusion

MPC Meeting
Next Story

MPC to Hold Rate Steady as Green Shoots of Recovery Emerge

Latest from Economy

Don't Miss