NEC Approves Additional $250m For Investment Funds

The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo, yesterday, approved additional investment of $250million 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.
The fund was allocated an initial $1billion 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 N44.2billion in 2018 and N24billion in 2019.