The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund,into which the surplus income produced from Nigeria's excess oil reserves is deposited. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The fund was established by the Nigeria Sovereign Investment Authority (Establishment, etc) Act 2011, signed in May 2011, and commenced operations in October 2012 . It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.The fund was allocated an initial US$1 billion in seed capital,and, an additional $0.60billion has been contributed to date by the current administration. In December 2021 the fund had US$ 2.56 billion in assets under management.
