Nigeria News

Nigeria’s Sovereign Wealth Fund grows by 119% to N2.258trn

April 18, 2024

…Receives $45.6m fresh capital from NUPRC

By Obas Esiedesa, Abuja

Nigeria’s sovereign wealth fund, managed by the Nigeria Sovereign Investment Authority, NSIA, grew by 119 percent in 2023 to N2.258 trillion ($2.47 billion) from N1.032 trillion ($2.27bn) in 2022, the authority’s CEO, Aminu Umar-Sadiq has disclosed.

back link building services=0></a></div><p>Umar-Sadiq who presented the NSIA 2023 earnings to journalists in Abuja, yesterday, explained that the Fund received $45.59 million as fresh capital from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in line with the provisions of the Petroleum Industry Act, PIA.</p><p>The fund which was set up in 2013 with a seed capital of $1 billion is made up of Stabilisation Fund (20%/$316 million), Future Generation Fund (30%/$1.06 billion) and Nigeria Infrastructure Fund (50%/1.102 billion).</p><p>Mr. Umar-Sadiq explained that in addition to its funds, the NSIA manages other third party funds including the Presidential Infrastructure Development Fund (N1.03 trillion), Debt Management Office ($200 million), FGN Stabilization Fund (N57.12 billion), Nigerian Electricity Supply Industry (N200 billion) and Presidential Fertiliser Initiative with N34.1 billion net assets.</p><h2 class=

He noted that through the Nigeria Infrastructure Fund, NSIA has invested in the construction of the Lagos-Ibadan Expressway and the Second Niger Bridge which are almost completed, and the Abuja-Kaduna-Kano Expressway which is 70 percent completed.