Nigeria SWF to manage $350m for national electricity buyer

Nigeria map

A Nigerian government agency charged with buying electricity in bulk from new power producers has engaged the country's sovereign wealth fund manager to take custody of $350 million in liquid assets, as opposed to leaving it "sitting in the central bank" where it will "earn next to nothing", according to the Nigerian finance minister.

The Nigerian Bulk Electricity Trading (NBET) was allotted the cash out of a $1 billion Eurobond issued by Nigeria at the start of July. They have now signed it ove

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