Nigeria’s sovereign wealth fund hits N2.25tr

Nigeria’s sovereign wealth fund increased to N2.25 trillion ($2.47 billion) in 2023.

The Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq, stated this when he presented the Authority’s 2023 earnings to journalists on Thursday in Abuja.

He said the figure was 119 percent higher than the N1.032 trillion ($2.27 billion) earned in 2022.

Umar-Sadiq revealed that the Nigerian Upstream Petroleum Regulatory Commission (NURPC) also injected $45.59 million as fresh capital into the fund.

READ ALSO: Nigeria’s Sovereign Wealth Fund safe —NSIA MD assures

The fresh fund injection, according to him, was in line with the provisions of the Petroleum Industry Act (PIA).

The fund set up in 2013 with a seed capital of $1 billion is made up of the Stabilization Fund, Future Generation Fund, and the Nigeria Infrastructure Fund.

The NSIA chief explained that in addition to its funds, the Authority manages other third-party funds, including the Presidential Infrastructure Development Fund, Debt Management Office, FGN Stabilization Fund, Nigerian Electricity Supply Industry and Presidential Fertiliser Initiative with N34.1 billion net assets.

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