| The government of Nigeria is unlikely to make withdrawals from the sovereign wealth fund in Africa’s largest oil producer, even as the price of crude declines. The Nigeria Sovereign Investment Authority, set up in 2012, isn’t yet large enough to make withdrawals worthwhile, Uche Orji, managing director and chief executive officer, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi.
Withdrawals will be an option in future years once the fund is larger, he said. The Nigerian government has proposed cutting the oil-price benchmark to $52 a barrel from $65 a barrel suggested in December as a result of slumping prices. The plan, supported by the Nigerian senate, must be approved by lawmakers in the House of Representatives...............................................Full Article: Source
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