An Overview of the Nigerian Sovereign Investment Authority

by John St. Claret Ezeani

Nigeria officially joined the global SWF fraternity in May 2011 when Nigeria’s President Goodluck Jonathan signed into law the Nigeria Sovereign Investment Authority Act of 2011.

The Act establishes the Nigeria Sovereign Investment Authority as a vehicle for the actualization of Nigeria’s SWF aspirations to preserve savings of the Nigerian people, develop domestic infrastructure, and provide stabilization support in times of economic stress.

In this paper, the author analyses the “ring-fenced” structure of the fund, fund allocation and future sources, and the legal challenge the SWF posed. In addition, it covered aspects related to fund ownership, governance and management of funds, its investment philosophy and its regulatory prescriptions.

An Overview of the Nigerian Sovereign Investment Authority