NIGERIA INFRASRUCTURE FUND INVESTMENT
POLICY STATEMENT AS APPROVED MARCH, 2021

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 Nigeria Infrastructure Fund. The IPS sets out to identify the Infrastructure Fund’s investment objectives, risk tolerance and constraints. It establishes a structure of guidelines and policies within which the executive management can exercise their delegated authority and against which recommendations to the Direct Investments Committee (DIC) and Board can be judged. The IPS is designed to be a strategic document and remains in effect unless it is revised by the Board. Specific investment policies pertaining to diversification, benchmarks and allowable ranges are set out in Section 9 below. The Fund will invest in infrastructure projects in sectors which have the potential to contribute to the growth and diversification of the Nigerian economy, create jobs within Nigeria and where possible attract foreign investment.