NSIA: Nigeria

The Nigeria Sovereign Investment Authority is the Nigerian establishment which manages the Nigeria sovereign wealth fund into which the surplus income produced from Nigeria's excess oil reserves is deposited. The NSIA was founded for the purpose of managing and investing these funds on behalf of the Federation. Set up by the Nigeria Sovereign Investment Authority Act 2011, the fund commenced operations in October 2012. It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians. The fund was allocated an initial US $1 billion in seed capital.