Nigerian Sovereign Wealth Funds and the Future
Last year, Nigeria, the biggest oil producer in sub-Saharan Africa, replaced its Excess Crude Account (ECA) with three sovereign wealth funds, Future Generations Fund, Nigerian Infrastructure Fund and Stabilization Fund, under the management of the Nigerian Sovereign Investment Authority (NSIA). The future generations fund will focus on providing and generating income for the country’s citizens. The infrastructure fund will target allocating money to Nigerian housing, roads, bridges, and railways. The stabilization fund would be utilized to reduce the effects of oil price shocks.
In December 2011, President Goodluck Jonathan put forward a budget proposal to cut Nigeria’s fiscal deficit and set a benchmark oil price of $70 per barrel. Anything earned over $70 per barrel is put into the NSIA.
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