Bloomberg
11 May 2011
Nigeria’s Senate voted unanimously today to pass a bill creating a sovereign wealth fund for Africa’s top oil producer with seed capital of $1 billion.
The legislation creates the Nigeria Sovereign Investment Authority, which will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund, according to a draft of the bill obtained by Bloomberg. Each component will represent at least 20 percent of the total.
The fund will help the country save more of its oil revenue and will also help to funnel money into infrastructure projects in Africa’s most populous nation, according to David Mark, president of the Senate.
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