THE Nigeria Sovereign Wealth Fund Authority (NSIA) has officially allocated the $1 billion take-off grant into three sectoral areas.
The three areas are stabilisation fund, which got $200 million or 20 per cent allocated to it; infrastructure fund, $325million or 32.3 per cent and the future generation fund, $325 million or 32.5 per cent, while the balance of $150 million or 15 per cent will be kept to be used to top up each of the ring funds as opportunity arises.
The Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, disclosed this on Thursday in Abuja while paying an assessment visit to the NSIA headquarters, the custodian of the Sovereign Wealth Fund.
In recognition of its onerous responsibility for the management of this fund, Dr Okonjo-Iweala said the NSIA had recruited top investment advisers like Investment Gold, Citigroup, JT Morgan , KPMG and Stanbic IBTC to help manage the funds effectively.
In his speech, the NSIA Board chairman, Alhaji Rasheed Mahair, disclosed that the activities and execution of the fund was taking off fully because all the requisite staff and the technical know-how had been put in place.
AlhajI Mahair said: “The board has already met four times and we are able to put in place a very robust management structure. We have got the investment policy statement approved, and we have a framework for projects. We have already selected investment managers, and we are going to invest the money safely.”
According to him, “the investment advisers we have are the world best who have agreed to work with us because they believe in the sustenance and viability of the institution.”