Nigeria’s Sovereign Wealth Fund, SWF, has invested more than $200 million in the United States bond market.
The fund was given by the SWF to UBS, Credit Suisse and Goldman Sachs, to manage a fixed income portfolio.
The investment, though relatively small, adds Nigeria to the small cadre of commodity-rich countries that over the past decade have become one of the most powerful forces in global financial markets through their sovereign wealth funds.
Chief executive of the $1billion Nigerian Sovereign Investment Authority, NSIA, Uche Orji, said the fund gave UBS $50 million last week to invest in US Treasuries. A further $150 million is being transferred this week to Credit Suisse and Goldman Sachs to build a US corporate bond portfolio.
