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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Nigeria’s sovereign wealth fund launches on an unfortunate day to be long US debt

Posted on 20 September 2013

Nigeria just started a national savings account, but the timing could have been better—it plowed $200 million into US debt, just as the Federal Reserve pulled the carpet out from underneath the oil-rich nation’s investment strategy.
That’s not to say it will end badly. Nigeria is smartly following in the foot-steps of other countries whose economies are dependent on non-renewable natural resources, creating a $1 billion fund to invest in development and save for a rainy day. The plan is to save $1 billion a year, with roughly a third invested in local infrastructure, another third aimed to preserve funding for future generations, and $200 million in US debt to provide a cushion against financial instability. (The remaining 15% remains unallocated)………………………………………..Full Article: Source


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