FG adds another $550m to SWF

Dr. Ngozi Okonjo Iweala 210 February 2014, Abuja – The Federal Government has added an additional $550 million to the Sovereign Wealth Funds managed by the Nigerian Sovereign Investment Authority (NSIA).

This represents an increase of over 50 per cent to the $1 billion funding which the NSIA got at inception.

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, made the announcement on Monday afternoon at a media briefing in Abuja along with Mr. Uche Orji, MD/CEO of NSIA.

Okonjo-Iweala noted that this shows that the investment which the country is making in the NSIA is increasing and its benefits will bear good fruit for the country.

“There is still work to be done but we are on the right track.

“The additional funds were derived from the $1 billion Eurobond which the country successfully floated last year, proceeds of which were set aside for financing power infrastructure.

$200 million out of the $550 million for the NSIA will go into the Infrastructural Fund of the NSIA to finance gas to power investments with the private sector. The objective is to generate catalytic funding for gas to power infrastructure which will leverage on available funds to boost the development of the power sector and improvement of power supply,” she said.


– The Nation

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