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Nigeria : $525m Infrastructural Investment started by Nigeria Sovereign Wealth Authority.

The Nigeria Sovereign Investment Authority (NSIA) stated that it would start its investment portfolio with the introduction of $525 Million for the take-off of projects under the Stabilisation Fund and the Future Generation Fund early following month.

NSIA is a savings fund created by the Nigeria Sovereign Investment Authority (Establishment) Act 2011 and sponsored by the Federal Government to construct a savings and investments base from the country s hydrocarbon wealth.

The Managing Director/Chief Executive Officer, Uche Orji, said, at the maiden media briefing in Abuja to signal the formal take-off of operations of the Authority, that the investment is in line with the allocation formula and guidelines recently approved by its Board for the three Fund s portfolio, consisting Future Generation Fund, the Nigeria Infrastructure Fund, and the Stabilisation Fund.

As stated by Mr Orji, the investment allocation formula specifies that the Future Generation Fund and the Nigeria Infrastructure Fund would each obtain $325 Million, or 32.5 per cent of the $1billion seed funding of the Sovereign Wealth Fund (SWF), whereas $200 Million, or 20 per cent would go to the Stabilisation Fund, causing a balance of $150 Million, or 15 per cent for forthcoming investment prospects.

Mr. Orji said the Future Generation Fund, which would start about the same time, would continue till the end of 2013, because of its diversified portfolio and complicated processes.

He added that the detailed review of the possible investment areas to benefit from the Infrastructure Fund is ongoing.

He recognized important areas being counted under the Infrastructure Fund portfolio to comprise healthcare, transportation, water resources, power, and housing. He indicated that the attention of the agency would be on commercially worthwhile projects that would benefit it make good revenues on investment for Nigerians.

Mr. Orji said, Our focus is on investments that are both relevant to the current needs of Nigerians and profitable and sustainable. We are ready to go anywhere to get the best deals for Nigeria.

2013 Al Bawaba (Albawaba.com)

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Publication:Mena Report
Geographic Code:6NIGR
Date:May 21, 2013
Words:341
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