Sovereign Wealth fund takes off in June

The Nigeria Sovereign Investment Authority (NSIA), the body to manage the $1 billion Nigerian Federation Sovereign Wealth Fund, has announced plan to kick off its activities next month.

The Fund’s Managing Director and Chief Executive Officer, Uche Orji, said under the plan, the three investment windows would receive the following allocation: Future Generation Fund, $325 million; Nigerian Infrastructure Fund, $325 million; and Stabilisation Fund will get $200 million, representing 32.5 per cent each of the first two investment windows and 20 per cent for the stabilisation fund.

The remaining 15 per cent is to be ring-fenced and kept unallocated for now and used to top up each of the Fund’s investment windows where opportunities arise.

The NSIA chief executive shed more light on the investment plan of the Fund, saying “Investment in the Stabilisation Fund will start early June. The Future Generation has the same timeline but will continue till end of 2013 because it is a more diversified portfolio with a more complicated process.”