TheCable

The National Economic Council (NEC) has approved that an additional $250 million be made available to the Nigeria Sovereign Investment Authority (NSIA).

The council made the decision at its meeting on Thursday which was presided over by Vice President Yemi Osinbajo (pictured).

Addressing journalists at the end of the meeting, Uchechi Orji, the NSIA managing director, said the authority generated N68.3 billion between January 2018 and June 30, 2019.

“In summary, the NSIA and its group made a profit total of N44.3 billion in 2018 and so far in 2019 as at the first six months period ended, the NSIA has updated the council that they have made a profit of N24 billion so far,” he said.

“This is achieved in the face of a volatile international market environment driven by the trade dispute between the United States and China as well as Brexit challenges.

“In a review of the activities of the NSIA, the NSIA is focused on its infrastructure fund on agriculture, road, power, healthcare projects and gas industrialization.”

He also announced the setting up of a committee to work out modalities for collaboration between the NSIA and the National Pension Commission on how to channel pension funds for investment

The NSIA manages the surplus income produced from Nigeria’s excess oil reserves.

The wealth fund commenced operations in October 2012 and was set up by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011.

The fund was allocated an initial US$1 billion in seed capital. However, an additional $0.5billion was contributed to the fund.

He said the committee would include the Minister of Finance, the Governor of the Central Bank of Nigeria (CBN).