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Nigeria adds $550m to sovereign wealth fund

Abuja - Nigeria has transferred $550m from the proceeds of a Eurobond floated last year to its sovereign wealth fund, boosting the value of the fund to $1.55bn, the finance ministry said on Monday.

The ministry said in a statement that $200m will be used to finance investments in gas-fired power, while the remaining $350m will be put in a facility to guarantee payments to electricity producers as part of ongoing privatisation efforts.


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