Modupe Gbadeyanka
By Modupe Gbadeyanka
The sum of $250 million has been approved by the National Economic Council (NEC) to be injected into the Sovereign Wealth Funds (SWF).
Minister of Finance, Mrs Kemi Adeosun, made this known on Thursday in Abuja while addressing journalists.
Mrs Adeosun noted that the approval was made after adopting the report and accounts of the Nigerian Sovereign Investment Authority presented by the Managing Director, Mr Uche Orii.
She added that an approval was also given for the appointment of Nigerian Sovereign Investment Authority board members.
The Minister further hinted that the Excess Crude Accounts where the $250 million would be sourced stood at $2,458,382,844.03 as at February 15, 2017.
“Managing Director/Chief Executive Officer, Mr Uche Orii presented a report to Council on the NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities.
“In its report to NEC, Council members were informed that Nigeria Sovereign Wealth Fund (NSWF) has the highest ranking in Africa in terms of performance and capitalisation.
“The report highlights, among others, the following: Financial performance 2014 to Q3 2016; Update and investment strategy on the NSIA; Future Generation Fund (FGF); NSIA infrastructure strategy and Agriculture Fund and NSIA – Old Mutual Real Estate Co-Investment Vehicle, among others.
“NSIA plans to increase domestic infrastructure investment in 2017 as there are compelling opportunities in the environment.
“NSIA will also focus on ‘Social Infrastructure’, including investments in the form of affordable housing and healthcare through the development of specialist hospitals.
“Council while adopting the report of the NSIA, decided to inject a fresh $250 million into the SWF sourced from the ECA.
“Minister of Finance reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017,” Mrs Adeosun said.
