Nigeria sovereign wealth fund's assets rises to $3.5 bln

Sept. 2, 2021

Nigeria’s sovereign wealth fund now has around $3.5 billion in assets under management, up from $1 billion when the current administration took office in 2015, the Minister of Finance, Budget and National Planning, Zainab Ahmed said on Wednesday.

Ahmed, who spoke at the inauguration of the new board of the Nigerian Sovereign Investment Authority (NSIA) gave no further details about the NSIA’s financial position, according to the statement by Femi Adesina, spokesman to the President, on Media and Publicity

She explained that the Board will, on behalf of the Nigerian people, guide and oversee the NSIA Management’s activities towards delivering outcomes to transform the fortunes of the country.

“Using the NSIA Act as its guide, the Board will be required to superintend initiatives that meet the current and future needs of Nigerians.

‘‘On our part as Government, we will continue to support the Authority with the necessary policies and framework to ensure that the mission of the institution is delivered in a transparent, sustainable and inclusive manner,’’ she said.

Recall that President Muhammadu Buhari earlier on Wednesday charged the new board of the Nigeria Sovereign Investment Authority (NSIA) to make more investments that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030.

Inaugurating the third Board of the NSIA, the President reaffirmed his administration’s commitment to implementing long term projects and programmes that create jobs for Nigerians.

He noted that the full impact of most of the strategic projects started under his watch will only be felt long after he had left office.

He described the appointment of the 9-man board as a call to duty, action and performance, adding that they were eminently qualified for the job.

‘‘This Government operates on the agenda for long term change which we all agree is inevitable. Change happens whether you are ready for it or not.

‘‘As representatives of the Federation, you are required to continue to drive the performance of the Authority to deliver benefits to all Nigerians.

“This administration took the very difficult decision to invest for the long term. We avoided taking short cuts knowing very well that the full impact of most of the projects we started will only be felt long after we have left office,” he said, according to a statement from his spokesman.