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.
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.
