Managing Director and Chief Executive Officer, Mr. Uche Orji, told journalists in Abuja that the the management board of the fund had approved the investment formula for the three funds that make up the SWF.
The three funds under the SWF, which was created by an Act of the National Assembly in 2011 with an initial portfolio of $1 billion, are the Future Generation Fund, FGF; Nigeria Infrastructure Fund, NIF; and the Stabilisation Fund, SF.
The commencement of the investment would be coming eight months after the inauguration of the board of the NSIA.
According to Orji, the FGF and the NIF would each get $325 million from the $1 billion inititial capital, giving a total of $650 million, while the SF would receive $200 million.
The balance of $150 million would be kept as unallocated for now, but could be used to top up each of the funds as the need arose.
“For its initial portfolio of investment, the board of the NSIA has approved an investment allocation formula to the three funds that make up the SWF.
Orji said: “Investment in the Stabilisation Fund will start early June. The Future Generation Fund has the same timeline but will continue till the end of 2013 because it is a more diversified portfolio with a more complicated process.
“For the Nigeria Infrastructure Fund, a very detailed and thorough review of possible investment areas and projects is ongoing. The investments being considered are in healthcare, transportation, water resources, power and housing.
“Our focus is on investments that are both relevant to the current needs of Nigerians and profitable and sustainable at the same time. We are ready to go anywhere to get the best deals for Nigeria.”