Nigeria's sovereign wealth fund doesn't expect state to tap it for funds: Uche Orji, CEO, Nigeria Sovereign Investment Authority (NSIA)

Uche Orji, CEO, Nigeria Sovereign Investment Authority (NSIA)

The government of Nigeria is unlikely to make withdrawals from the sovereign wealth fund in Africa’s largest oil producer, even as the price of crude declines.

The Nigeria Sovereign Investment Authority, set up in 2012, isn’t yet large enough to make withdrawals worthwhile, Uche Orji, managing director and chief executive officer, said in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. Withdrawals will be an option in future years once the fund is larger, he said.

The Nigerian government has proposed cutting the oil-price benchmark to $52 a barrel from $65 a barrel suggested in December as a result of slumping prices.

Read more: Nigerian Sovereign Fund Doesn’t Expect State to Tap It for Funds – Bloomberg Business.