IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 12 Aug 2016 | Removal date: open ended
Still in force

Bailout (capital injection or equity participation)

On 12 August 2016, the Nigeria Sovereign Investment Authority signed an agreement with the South African-based Old Mutual Investment Group. The core scope of the agreement was to establish an investment vehicle which will particularly aim to cater to the local Nigerian real estate sector through investing in commercial, hospitality and retail assets. The total financial value of the investment vehicle is estimated at USD 500 million -- although the initial capital commitment requirement for both institutions was set to be up to USD 100 million.

Furthermore, on the same day, the  Nigeria Sovereign Investment Authority signed another agreement with the UFF Agri-Fund. This agreement aimed at establishing a USD 200 million agricultural investment vehicle (with a committed capital requirement initially capped at USD 50 million for both institutions each). The core scope of this vehicle is to promote food security as well as rural economic development in the local Nigerian agricultural sector. Thus, enabling the country to capitalize on the growth opportunities embedded in its national agricultural sector.

The official source embedded in the intervention does not provide any details concerning the methods and the specific terms under which these three institutions will allocate the funding of their investment vehicle structure to beneficiaries that they would deem eligible.

The Nigeria Sovereign Investment Authority, a is a state-owned corporate institution responsible for managing funds in excess of budgeted hydrocarbon revenues. Its main mission is boosting the infrastructure and economic development of Nigeria. 

Old Mutual Investment Group is South African-based and one of the largest asset managers in the continent.

UFF Agrifund is a commercial agri-investment institution, specialising in the African continent. It is based in  South Africa, Mauritius and the Netherlands.

 

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

531 Buildings
532 Civil engineering works
541 General construction services of buildings
542 General construction services of civil engineering works
543 Site preparation services
544 Assembly & erection of prefabricated constructions
545 Special trade construction services
546 Installation services
547 Building completion & finishing services
861 Support services to agriculture, hunting, forestry & fishing

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