Nigeria’s sovereign wealth fund has grown slightly over $2 billion, Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Dr Uche Orji,revealed.
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.
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, Business Post reports.
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.
