NSIA admitted into the International Forum of Sovereign Wealth Funds

The Nigeria Sovereign Investment Authority (NSIA) has been admitted into the International Forum of Sovereign Wealth Funds – IFSWF. This was communicated by the secretariat of the IFSWF through a letter dated June, 4, 2014.

Communicating NSIA’s membership, the IFSWF chair stated: “It gives me great pleasure to inform you that your membership application has been approved by the IFSWF Board at our Board Meeting on May 28, 2014. Our assessment was based on your proven willingness to endorse, on a voluntary basis, the Santiago Principles.”

The IFSWF, a voluntary group of Sovereign Wealth Funds (SWFs), was established by the International Working Group of Sovereign Wealth Funds in April 2009. Among its major objectives is the promotion of an understanding of the Santiago Principles – a set of 24 guidelines for the operation of SWFs.

NSIA will be formally inducted at the next IFSWF Annual Meeting in Doha on November 19-20, 2014, where it will also sign the membership agreement and formal declaration of IFSWF membership.

The Nigeria Sovereign Investment Authority (NSIA) was set up by an Act of Nigeria’s National Assembly (the NSIA Act) in 2011. The objective of the NSIA is to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. NSIA’s investments are made through three distinct funds: the Stabilisation Fund, the

The Board of the International Forum also approved the application for IFSWF membership of the Russian Direct Investment Fund (RDIF). With these two new members, the IFSWF now has 28 members.

IFSWF is a global network of sovereign wealth funds (SWFs) established in 2009 to exchange views on issues of common interest and to facilitate an understanding of SWF activities and of the Santiago Principles.

The Santiago Principles is a framework of principles and practices voluntarily endorsed by IFSWF members, with emphasis on appropriate governance and accountability arrangements and sound, prudent conduct of investment practices. The IFSWF is open to new members willing to endorse the Santiago Principles on an voluntary basis.