1. Introduction

This Investment Policy Statement (“IPS”) is issued by the Board of Directors (the “Board”) of the Nigeria Sovereign Investment Authority (“NSIA”). It provides a framework for management of the Future Generations Fund (“Fund”). The IPS sets out to identify the Fund’s investment objectives, risk tolerance and constraints. It establishes a structure of guidelines and policies within which the Fund’s Executive Management can exercise their delegated authority and against which recommendations to the Board Externally Managed Investment Committee (EMIC) and Board can be judged. The IPS is designed to be a strategic document and remains in effect unless revisions are agreed by the Board. Specific investment policies pertaining to asset allocation, benchmarks and allowable ranges are documented in Annex A to the IPS.