Nigeria's sovereign wealth fund has 'good year' tapping dollar investments: Uche Orji, CEO, Nigeria Sovereign Investment Authority

Uche Orji, CEO, Nigeria Sovereign Investment Authority. Photo credit: Bloomberg

Nigeria’s $1.55 billion sovereign wealth fund had a “good year” after weighting its investments toward dollar assets, according to Chief Executive Officer Uche Orji.

“Our currency position was great as we were very long the dollar,” Orji, a former Goldman Sachs Group Inc. banker and head of the Nigerian Sovereign Investment Authority, said in an interview in Geneva on Monday. “It was the only game in town.”

The Abuja-based wealth fund, set up by Nigerian President Goodluck Jonathan in 2011, gained exposure to the dollar through equities, private equity and fixed-income assets, said Harvard-trained Orji. The fund, which invests revenue generated when the oil price exceeds that budgeted by the government of Africa’s biggest crude producer, has adjusted to the market slump since June, he said.

Read more: Nigeria’s Wealth Fund Has ‘Good Year’ Tapping Dollar Investments – Bloomberg Business.