The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo on Thursday, approved additional investment of $250 million into the Nigeria Sovereign Investment Authority (NSIA).
The NSIA manages the surplus income produced from Nigeria’s excess oil reserves is deposited.
The wealth fund commenced operations in October 2012 and was set up by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011.
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The fund was allocated an initial US$1 billion in seed capital. However, an additional $0.5billion was contributed to the fund.
The Managing Director Nigeria Sovereign Investment Authority (NSIA), Uchechi Orji made the disclosure while briefing State House Correspondents after a meeting.
He also announced the setting up of a committee to work out modalities for collaboration between the NSIA and the National Pension Commission on how to channel pension funds for investment. Orji had recently announced that NSIA made a profit of N44.2 billion in 2018 and N24 billion – 2019