NEC approves additional $250m for Nigeria Sovereign Investment

The National Economic Council (NEC) on Thursday approved additional investment of $250 million into the Nigeria Sovereign Investment Authority (NSIA).

This was disclosed to State House correspondents by Managing Director of NSIA, Uchechi Orji, at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa.

The body has been managing the surplus income produced from Nigeria’s excess oil reserves.

Commencing operations in October 2012, the fund was allocated an initial US$1 billion in seed capital.

An additional $0.5billion was later contributed to the fund.

Orji has disclosed 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.

He had presented NSIA’s 2018 annual report and 2019 finance update to NEC, disclosing that the agency made a profit total of N44.3 billion Naira in 2018 adding that so far in 2019 as at the end of the first six months.

He also updated the council that they have made a profit of N24 billion so far.

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