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.
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