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Nigeria wealth fund investment plans unaffected by weak oil

Uche Orji, Chief Executive of the Nigeria Investment Authority, highlighted one of the vehicle’s core aims is to manage oil export windfalls to cushion the economy in harder times.

“The oil price, yes, it’s come down. But frankly, let’s not forget why this fund was set up. It was to prepare us for days like this,” he told Reuters on the sidelines of an African investment conference in London on Tuesday.

Orji conceded that weakness in the international oil market would affect the fund but he remained focused on deploying existing assets to investment in infrastructure projects in sectors such as transport, power and healthcare.

“Obviously we get funded from the oil price so if it’s lower, it will affect us. But … our plan in the next six months is to fully deploy what we’ve been given. We still haven’t fully deployed our capital yet,” he said (Read more).