ABUJA, Nigeria (AP) — Officials say Nigeria will launch a $1 billion sovereign wealth fund in the coming months to invest some of the nation's oil revenue.
Nigeria's Finance Ministry made the announcement Tuesday. It said the board managing the fund will be led by Mahey Rasheed, a board member at Nigeria's First Bank PLC. Uche Orji of UBS will serve as the fund's managing director and CEO.
Nations use sovereign wealth funds to invest in stocks or securities. Nigerian authorities pushed for the creation of a sovereign wealth fund as a means to better save the billions of dollars the nation annually earns annual from oil revenues. Opaque budgeting and corruption sees much of the money siphoned away.
Some politicians have criticized the fund, saying more money should go to Nigeria's states.