TheCable

The Nigeria Sovereign Investment Authority (NSIA) has announced its admission into the International Forum of Sovereign Wealth Funds – IFSWF.

In a press release by NSIA, it disclosed that it will be formally inducted at the next IFSWF Annual Meeting in Doha, capital of Qatar, on November 19-20, 2014, where it will also sign the membership agreement and formal declaration of the IFSWF membership.

Communicating NSIA’s membership, the IFSWF chair through a letter dated June, 4, 2014, stated: “It gives me great pleasure to inform you that your membership application has been approved by the IFSWF Board at our Board Meeting on May 28, 2014. Our assessment was based on your proven willingness to endorse, on a voluntary basis, the Santiago Principles.”

The IFSWF, a voluntary group of Sovereign Wealth Funds (SWFs), was established by the International Working Group of Sovereign Wealth Funds in April 2009.

Among its major objectives is the promotion of an understanding of the Santiago Principles – a set of 24 guidelines for the operation of SWFs.

The NSIA was set up by an Act of Nigeria’s National Assembly in 2011. The objective of the NSIA is to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure.

NSIA’s investments are made through three distinct funds: the Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

NSIA is headed by Uche Orji (pictured), who is the managing director and chief executive.