The Nigerian Senate has passed a bill to establish a $1 billion sovereign wealth fund, Bloomberg reports. The legislation will create the Nigeria Sovereign Investment Authority, which will be split into the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund.
The fund will have a governing board headed by the president, while other members include governors of the 36 states and the ministers of finance among others. The fund will help to funnel money into infrastructure projects in the nation.
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