Sovereign Wealth Fund Soars To N358billion

The Nigerian Sovereign Investment Authority, NSIA, which manages Nigeria’s sovereign wealth fund, has recorded a total assets of about $1.8 billion (about N358 billion at current official exchange rate) under its management

The NSIA Managing Director, Uche Orji, during a visit to the Nigerian Stock Exchange, NSE, on Wednesday, May 18, in Lagos, gave the breakdown of the assets to include seed capital of $1.25 billion and third party funds of about $550 million.

He said the NSIA is shifting its focus from foreign investments to domestic investments, noting that the company led other investors in recent investments in a dairy farm and tomato paste firm in the Northern part of the country.

Orji outlined that by its mandate, the NSIA is to manage three funds, which include the Future Generations Fund, meant to preserve and grow the value of assets transferred into it by investing in a diversified portfolio of appropriate growth investments.

“There is also the Nigeria Infrastructure Fund, which aims to invest in domestic infrastructure projects that meet targeted financial returns and contribute to the development of essential infrastructure. This is to stimulate the growth and diversification of the Nigerian economy. There is equally the Stabiliaation Fund, which acts as a buffer against short-term macro-economic instability.”

“We have five areas of immediate focus for infrastructure which are healthcare, agriculture, tolled roads, power and real estate. Our mandate is to manage the three funds by investment mostly in infrastructure,” Orji said.