Nigeria plans an oil investment fund

The Central Bank of Nigeria said it is working on a national investment fund that will manage a proportion of its external reserves.

Speaking yesterday, the central bank's director of foreign operations, Alhaji Mohammed Nda, said the central bank will outsource the management of a portion of foreign reserves to external fund managers. This amount will be invested in bonds so they yield higher returns than fixed deposits.

Nigeria's foreign reserves have been boosted by rising oil prices and curr