The National Economic Council (NEC) on Thursday approved the nomination of six Nigerians for appointment into the board of the Nigeria Sovereign Investment Authority (NSIA).

The body also approved the injection of a fresh $250 million capital into the Sovereign Wealth Fund.

The fresh capital was sourced from the Excess Crude Account (ECA), an official said.

NEC is composed of all the 36 state governors, the minister of the Federal Capital Territory and the governor of the Central Bank of Nigeria.

Thursday’s meeting, the first this year, was presided over by Acting President Yemi Osinbajo.

A statement by Laolu Akande, the spokesperson for Acting President Yemi Osinbajo, said the nominations were unanimously adopted by council members after the list was tabled by the Minister of Finance, Kemi Adeosun.

The nominees represent each of the six geo-political zones in the country.

They are Halima Buba (North-East), Bello Maccido (North–West), Lois Laraba Machunga-Disu (North Central), Babajide Zetilin (South West), Urum Kalu Eze (South East) and  Asue Ighodalo (South-South).

The nominations will now be forwarded to President Muhammadu Buhari for final approval.

Established by an Act of the National Assembly in May 2011, the Nigeria Sovereign Investment Authority manages Nigeria’s Sovereign Wealth Fund. 

It was set up to receive, manage and invest in a diversified portfolio of medium and long term the revenue of the Federal Government, State Governments, Federal Capital Territory, Local Governments and Area Councils.

Also at the NEC meeting, the agency’s Managing Director/Chief Executive Officer, Uche Orji, presented a report on the NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities.

“In his report to NEC, Council members were informed that Nigeria Sovereign Wealth Fund (NSWF) has the highest ranking in Africa in terms of performance and capitalization,” Mr. Akande said in his statement.

According to him, the report by Mr. Orji, highlighted, among others, the following:

•Financial performance 2014 to Q3 2016

•Update and investment strategy on the NSIA Future Generation Fund (FGF)

•NSIA Infrastructure strategy and Agriculture Fund

•NSIA – Old Mutual Real Estate Co-Investment Vehicle, among others.

• NSIA outlook, among others, are as follows:

•NSIA plans to increase domestic infrastructure investment in 2017 as there are compelling opportunities in the environment.

•NSIA will also focus on “Social Infrastructure” including investments in the form of affordable housing, and healthcare through the development of specialist hospitals.

•Council, while adopting the report of the NSIA,  decided to inject a fresh $250 million into the SWF sourced from the ECA.