By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Sovereign wealth fund (SWF) is not large enough for withdrawal, a Bloomberg report quoted Uche Orji, managing director/chief executive officer (MD/CEO) of Nigeria Sovereign Investment Authority (NSIA).

The report quoted Orji in an interview with Bloomberg Television at the Global Financial Markets Forum in Abu Dhabi. “Withdrawals will be an option in future years once the fund is larger,” he said.

According to the report, the Nigerian government has proposed cutting the oil-price benchmark to $52 a barrel from $65 a barrel suggested in December as a result of slumping oil prices.

It said the plan, supported by the Nigerian senate, must be approved by lawmakers in the House of Representatives.

The CEO at the NSIA disclosed that the fund has around $500 million to invest in Nigeria, “the fund will focus on allocations to Nigerian power, real estate, agriculture and health care this year, Orji affirmed.