NSIA gets fresh $250m Capital on NEC approval

The National Economic Council (NEC), on Thursday voted an additional US$250 million to the Nigeria Sovereign Investment Authority (NSIA).

The fresh capital brings the total Nigeria’s Sovereign Wealth Fund under management by the NSIA to US$1.75bn as at date.

The approval was given at the 5th Governing Council Meeting of the Nigeria Sovereign Investment Authority.

During the meeting, the 2018 Annual Report and Accounts of the NSIA were presented and approved, after which members of the National Economic Council unanimously voted for the injection of an additional US$250 million in core capital to the Authority.

Uche Orji, NSIA CEO had told told BusinessDay in a recent interview that he was hopeful of fresh capital to drive needed investment, particularly as they continue to deploy more cash into massive commitments to infrastructure.

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Following the recalibration of how NSIA assets will be allocated going forward, It is expected that the fresh fund would be deployed 50 percent in Nigeria and 50 percent international. This means 20 percent would be allocated to stabilization fund, 30 percent to future generations fund and 50 percent to infrastructure fund, according to fresh guidelines by the Authority.

“Any fresh capital that comes now gets allocated in this manner, Orji told BusinessDay.

Onyinye Nwachukwu, Abuja

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.