Nigerian Sovereign Wealth Receives $550 Million from Government

The Nigerian Sovereign Investment Authority (NSIA) has received US$ 550 million from the government of Nigeria. Nigeria is sub-Saharan Africa’s top oil producer. The amount was raised from proceeds of a Eurobond flotation in 2013. The current total assets under management for Nigeria’s sovereign wealth authority is US$ 1.55 billion.

On July 3, 2013, the government of Nigeria raised US$ 1 billion in the Eurobond market – the issue was 4x oversubscribed. The two bonds were a 5-year at US$ 500 million and a 10-year at US$ 500 million.

The US$ 550 million amount has already been allocated. US$ 200 million will be utilized for financing investments in gas-fired energy. The remaining, US$ 350 million, will be allocated to a facility to guarantee payments to electricity providers to assist in privatization efforts.

In May 2011, the Nigerian Sovereign Investment Authority was inked into law by Nigerian President Goodluck Jonathan.



Contact the writer or creator of this article or page.
Questions or comments: support(at)swfinstitute(dot)org
Follow on Twitter at @swfinstitute and @sovereignfunds
Learn, Attend and Network: Institutional Investor Events and Summits
Go Back: HOME: Sovereign Wealth Fund Institute


 
institutional investor investment mandates