Nigeria Sovereign Investment Authority

Nigeria Sovereign Investment Authority is a Nigeria-based sovereign wealth fund. The fund replaced the country’s Excess Crude Account (ECA), which previously had jurisdiction over Nigeria’s excess hydrocarbon revenues. NSIA is an agency of the Federal Government of Nigeria, with shareholders consisting of the Federal Government of Nigeria, the 36 states and the Federal Capital Territory (FCT), and all of the Local Governments and Area Councils. NSIA is made up of three funds which, during its initial activity, allocated the following: Future Generations Fund (FGF), to which the NSIA allocated 40% of its total assets under management; Nigerian Infrastructure Fund (NIF), which the sovereign wealth fund also allocated 40%; and the Stabilisation Fund (SF), which is allocated the remaining 20%. The pool of funds is derived from the revenue from Nigeria’s hydrocarbon reserves, with initial seed funding of $1bn provided by the Federal Government. The fund is mandated to build a savings base for the Nigerian people, develop Nigerian infrastructure, and act as a stabilization tool during economic volatility. The Nigeria Sovereign Investment Authority Act mandates that the fund follows international best practices, with the administration and management of the fund conducted by the Santiago Principles.Read more ⏷