By Kede Aihie
Nigeria’s sovereign wealth fund is setting up a company in partnership with London firm GuarantCo, to enable pension funds to invest in Nigerian infrastructure bonds, its chief executive, Uche Orji say. According to data from Nigeria’s National Pension Commission, pension fund assets by December 2015, was $26.4 billion
Chris Vermont, GuarantCo, CEO based in the UK office, confirmed to Kede Aihie, Editor in Chief of Nigeria Magazine, in a telephone call that the new business partnership will be launched in a few weeks, after the board has been briefed.
GuarantCo is a company of the Private Infrastructure Development Group (PIDG) and is funded by four of its Members – the Department for International Development UK (DFID), the Swiss State Secretariat for Economic Affairs (SECO), the Swedish International Development Cooperation Agency (Sida) and the Ministry of Foreign Affairs of the Netherlands (DGIS)
On 27 May 2011, President Goodluck Jonathan signed the Nigeria Sovereign Investment Authority (Establishment etc.) bill into law, creating the NSIA and authorising the establishment of the three ring-fenced funds which are jointly owned by the three tiers of Government.
The Nigeria Infrastructure Fund (NIF) focuses entirely on domestic investments in selected infrastructure sectors with a 40% allocation of Funds under Management.