The Nigerian Government has passed into law the Sovereign Investment Authority (Establishment, Etc.) Act 2011 to among other things establish a Nigerian Sovereign Investment Authority. This Authority is charged to receive, manage and invest in diversified portfolios, the medium and long-term revenue of the Federal Government, all the State Governments, the Federal Capital Territory, the Local Government and all the Area Councils in Nigeria
The benefits from the establishment of the Sovereign Investment Authority, as the manager of Nigerian's Sovereign Wealth Fund, is intended to serve as a wedge against the depleting and non-renewable nature of the hydrocarbon resources that Nigeria presently relies on, by creating a saving base, enhancing infrastructural development and providing a stabilisation fund for Nigeria in times of economic stress or melt-down.
The Independence of the Sovereign Investment Authority is statutorily guaranteed as are the funds and assets held in trust by this Authority for the Nigerian State.
Constitutional challenges to this Law may be futile until the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is further amended to provide stronger for State Governments in contrast to the current Federal System that has a very strong Federal Government.
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