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Nigeria’s NEC approves 250-million-dollar investment towards sovereign wealth fund

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Nigeria’s National Economic Council (NEC), which is made up of 36 governors and the Central Bank of Nigeria, has approved 250 million dollars for investment into the country’s sovereign wealth fund.

The money will be released to the Nigeria Sovereign Investment Authority (NSIA), Laolu Akande, Senior Special Assistant to the President on Media & Publicity Office of the Vice President, said on Friday, 22 November 2019.

The approval was made at its ninety-ninth meeting, chaired by Vice President Yemi Osinbajo, in Abuja on Thursday, 21 November 2019, following the presentation made to the council by the NSIA Managing Director, Uche Orji.

“Regardless of volatility in the market due to the US and China trade disputes and Brexit, the Group made a total of 26 million dollars in total comprehensive income in the first six months of the year,” he said.

The NSIA had earlier told council that it intends to “deploy capital into the three road projects under the Presidential Infrastructure Development Fund – to complete the second Niger Bridge, Abuja – Kano highway and Lagos – Ibadan Expressway as well as the Mambilla Power Project.’’

“That the NSIA intends to create a number of co-investment funds, in the area of Healthcare, Agriculture and Gas Projects.

“These projects worth 8.2 billion dollars (N2.5 trillion), will be implemented under a business model, that includes the payment of reasonable service charges (e.g. tolling of roads, electricity tariffs etc) after the projects have been fully developed.”

Besides the additional 250 million dollars, NEC also resolved that the “Governor of Kaduna State should chair a NEC Committee to consider how a portion of Pension Funds can also be leveraged into investment for the NSIA with possible involvement of PENCOM.

“The Committee will include the Finance Minister, CBN Governor and the NSIA MD.”

On the presentation by the Minister of Mines and Steel Development, Olamilekan Adegbite, on the development of the solid minerals sector, the Council resolved that “there should be collaboration between the Federal Ministry of Mines and Steel Development and the State Governments on environmental issues and concerns in the States.”

Regarding community relationship with the miners, it was agreed that there should be a full-time engagement of the communities to avoid the mistakes made in the oil and gas sector. 

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