| Nigeria is not the first country in Africa or the world to have legislated into being, a sovereign wealth fund. Although this country made the chart of sovereign States with such funds only this year under the name Nigerian Sovereign Investment Authority (NSIA) with oil as the origin of assets for the fund ($ 1 Billion US dollars), the records of other countries in that category are rather instructive and remarkable.
In terms of existence, the first off the block was the pre-independence Kuwait which, in 1953, set up the Kuwait Investment Authority (KIA), with a whopping sum of S202.8 Billion (US Dollars) and Oil as the origin of that fund...............................................Full Article: Source
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