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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

A divided stand on $1bln sovereign fund

Posted on 16 September 2013

The issue of Nigeria’s $1billion (it actually took off with $850m) Sovereign Wealth Fund (SWF) has suddenly become touchy; so touchy that “good politicians” now keep their comfortable distance. Apart from the $1billion seed money, states are meant to make regular monetary contributions to the scheme, the continuance of which now seems to be threatened by disagreement among governors.
The Nigeria Sovereign Investment Authority (NSIA) is mandated by law to manage the piped-in income from surplus oil proceeds. Set up by the Nigeria Sovereign Investment Authority Act that was signed in May 2011, the wealth fund commenced operations in October 2012 and intends to invest the savings gained on the difference between budgeted and actual market prices for oil to earn returns that would benefit future generations………………………………………..Full Article: Source


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