Nigeria fund invests $200 mln as oil price cushion

NEW YORK (Reuters) - Nigeria's fledgling sovereign wealth fund on Monday completed investment allocations for the 20 percent of the $1 billion it is setting aside to guard against commodity price shocks, its chief executive said.

Nigerian governors to block oil wealth fund in court

ABUJA (Reuters) - Nigeria's state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund.

Nigeria, SWFs, and the Resource Curse? Two New Papers

Nigeria, perhaps the world's poster child for the oil curse, is the latest country to deploy a sovereign wealth fund as a tool to try to better manage national income. At the same time, Nigeria is struggling with depleted savings and growing fiscal concerns, even in a time of high oil prices.

Wall St. Giants Seek a Piece of Nigeria’s Sovereign Fund

Nigeria, the West African nation that has gained notoriety for the illicit e-mail spammers aiming for Western bank accounts, is attracting attention for legitimate financial opportunities — investing its own savings.

Nigeria Starts Sovereign Wealth Fund With $1 Billion

Nigeria, Africa’s top oil producer, started a sovereign wealth fund with an initial capital of $1 billion and hired KPMG to select its management team.

“It is clear that given current challenges facing our economy and the global financial crisis, we cannot afford to waste any more time,” Finance Minister Ngozi Okonjo-Iweala told reporters in Abuja today. “What we have done can be compared to opening an account for the sovereign wealth fund and commencing with other necessary procedures in preparation for full implementation.”