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Nigeria’s sovereign wealth fund reports $1.07bn assets in 2015

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Nigeria's sovereign wealth fund reports $1.07bn assets in 2015

 

 

The Managing Director of Nigeria’s sovereign wealth fund, Uche Orji, said Friday that the fund’s total assets grew to $1.07 bn in 2015. This represents a 20% rise compared with the previous year.

“Total assets recorded a growth of 20% to $1.07bn at year end,” the fund’s Managing Director, Uche Orji, was quoted as saying.

The Sovereign Investment Authority (SIA) was established in 2011 with $1bn of seed capital in an effort to manage oil export revenues.

The Sovereign wealth fund is divided into three parts, a ‘Stabilisation Fund’ to act as a buffer against economic turbulence, an Infrastructure Fund and a Future Generations fund.

In November officials announced that $250 million from liquid natural gas export proceeds would be injected into the wealth fund.

Orji said this additional capital was received in February 2016 and will be invested within the new fiscal year.

He said it would be invested using the existing deployment ratio of 40 percent in Infrastructure Fund, 40 percent in Future Generations Fund and 20 percent in Stabilisation Fund.

It is the first fresh money since the previous administration injected $1 billion in 2014.

 

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