Sovereign wealth is a pool of a sovereign nation’s financial assets and resources managed and invested for savings, economicstabilization and infrastructural development.
For Nigeria, the Nigeria Sovereign Investment Authority is charged with the mandate to manage its sovereign wealth fund
The fund is set up to secure long-term prosperity for the nation beyond short-term revenue and government expenditure cycles.
At the this year’s Nigerian Bar Association Annual General Conference (NBA-AGC 2026), the former Attorney General and Commissioner for Justice,Edo State Dr. Samson Osagie said the fund which must be managed with sound governance principles and transparency has the capacity to grow beyond $3.44 billion which it is currently and urged government to harness all necessary revenue sources particularly the mineral resources which are been exploited in some parts of the by private individuals in connivance with their foreign partners without been accounted for in the national revenue pool.
Dr. Osagie spoke on the topic that sovereign wealth exists to manage fluctuating sources of national revenue and convert them into lasting economic value as Its purpose is to save during periods of high income, stabilize public finance when earnings fall, and diversify Nigeria’s wealth beyond a single source. He tied this directly to the United Nations Sustainable Development Goals, stressing that sovereign wealth must drive sustainable growth, resilient infrastructure, decent work, and responsible use of national resources.
The core idea, he said, is to convert revenue from finite or fluctuating resources into assets that generate value over the long term. That shift moves Nigeria from dependence on narrow income streams to a broader, more sustainable economic base.
On ownership and structure, Dr. Osagie noted that sovereign wealth covers stabilization funds and savings or future generation andinfrastructure funds. But it is the law that gives it meaning. The law defines ownership, control, mandate and objectives of the fun. The laws lays down the parameters for receiving, investing and withdrawing funds, and the governance structure of the institution(NSIA)
He described sovereign wealth as unique in the financial system because it combines public ownership, investment activity, and national development objectives or goals. It functions as both capital and an institutional vehicle, working with securities, fund managers, stock brokers and other professionals under financial regulation. Key partners he identified include the World Bank Group, IMF and the CBN for monetary coordination and surveillance.
To strengthen Nigeria’s Sovereign wealth architecture, Dr. Osagie urged adoption of elements of the Norwegian investment model for a disciplined contributions to the Nigerian SWF and diversified, long-term investments for substantial returns. He stressed the need for financial strength, capital adequacy, quality investment management, and strong research and advisory capacity.
He concluded with a charge: Sovereign wealth can convert current wealth into long-term prosperity through fiscal stability and infrastructure. But it must remain a long-term national trust, not a pool for short-term political spending. The government must prioritize strategic investments that expand productive capacity, infrastructure and employment nationwide.
On a final note,Dr. Osagie left the NBA-AGC 2026 with one demand: protect the fund with law, run it with expertise, fund it adequately, adopt global best practices and keep politics out of it. That is how it can enable sustainable economic development for the future of Nigeria.