Nigeria has launched a sovereign wealth fund (SWF) with an initial capital of $1 billion, Bloomberg reports. Africa’s top oil producing state has appointed Netherlands-based global professional services firm KPMG for selecting the management team for the fund. The management of the fund is likely to secure government approvals by mid-December.
The wealth fund, designed to make sure that some of Nigeria’s oil wealth is saved, will also allow the country to save for the future, put in strategic infrastructure projects in Nigeria and act as a “buffer” against volatile oil prices. The Nigeria Sovereign Investment Authority will be divided into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.
