Nigeria’s sovereign wealth fund, managed by the Nigeria Sovereign Investment Authority (NSIA), has grown by 119 per cent in 2023 to N2.258trn ($2.47bn) from N1.032trn ($2.27bn) in 2022.
Chief Executive Officer, of the Nigerian Upstream Petroleum Regulatory Commission (NURPC), Aminu Umar-Sadiq who presented the NSIA 2023 earnings to journalists on Thursday in Abuja, explained that the Fund received $45.59m as fresh capital from the NUPRC, in line with the provisions of the Petroleum Industry Act (PIA).
The fund which was set up in 2013 with a seed capital of $1bn, is made up of the Stabilization Fund, Future Generation Fund, and the Nigeria Infrastructure Fund.
Umar-Sadiq explained that in addition to its funds, the NSIA manages other third-party funds, including the Presidential Infrastructure Development Fund, Debt Management Office, FGN Stabilization Fund, Nigerian Electricity Supply Industry and Presidential Fertiliser Initiative with N34.1bn net assets.
