NIGERIA SOVEREIGN INVESTMENT AUTHORITY (ESTABLISHMENT, ETC.) ACT, 2011
Act · Finance
Policy date: 2012-01-01
An Act establishes the Nigeria Sovereign Investment Authority to manage excess oil revenues through three dedicated funds. It targets the federal government as the primary contributor and investment staff. This ensures macroeconomic stability and long-term savings for future generations.
NIGERIA SOVEREIGN INVESTMENT AUTHORITY (ESTABLISHMENT, ETC.) ACT, 2011
What Is This Policy?
An Act that establishes the Nigeria Sovereign Investment Authority (NSIA) to manage Nigeria's sovereign wealth through three dedicated funds: the Stabilisation Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.
Who Does It Target?
NSIA board, management, and investment staff Federal Government as primary contributor National Economic Council overseeing the Authority Domestic and international asset managers engaged by NSIA
What Does It Aim to Achieve?
Prudently manage excess oil revenues for macroeconomic stabilisation, long-term savings for future generations, and domestic infrastructure investment.
Key Features
Three-Fund Structure: Manages three separate funds each with distinct investment mandates: stabilisation, future generations, and infrastructure. Independent Management: NSIA operates independently from the Ministry of Finance to protect funds from political interference. Governance Framework: Board comprises independent directors, state governors, and federal ministers; accounts are publicly audited. Contributions Mechanism: Receives annual contributions from excess crude oil revenues above budget benchmark.
Current Status
Rollout Stage: Active - NSIA has been operational since 2012 Coverage: National sovereign wealth management Beneficiaries: Nigeria's present and future generations; macroeconomic stability Funding: Excess crude oil revenues; investment returns
How to Access
No public access to fund investment; NSIA manages funds institutionally Annual reports published publicly at https://www.nsia.com.ng Application method: Infrastructure investment proposals: https://www.nsia.com.ng
Important Terms
Funds are protected from ordinary appropriation and cannot be pledged as collateral Drawdown from funds requires National Economic Council approval NSIA's annual accounts are audited by independent auditors
Impact & Metrics
NSIA has grown to several billion dollars in assets under management; infrastructure fund has co-invested in hospitals, roads, and agricultural infrastructure.
Official Resources
Website: https://www.nsia.com.ng Contact: Nigeria Sovereign Investment Authority (NSIA)
Legal Framework
The Nigeria Sovereign Investment Authority (Establishment, etc.) Act 2011 establishes the NSIA as the statutory sovereign wealth fund manager. It operates under the Fiscal Responsibility Act 2007, the Finance (Control and Management) Act, the 1999 Constitution (Section 162 — Federation Account), and the Debt Management Office Act. International alignment is with the Santiago Principles (GAPP) on sovereign wealth fund governance established by the IMF International Working Group of Sovereign Wealth Funds.