(EnergyAsia, Aug 30 2013, Friday) — Nigeria has appointed Goldman Sachs, UBS and Credit Suisse to manage part of its US$1 billion sovereign wealth fund that was set up to protect and invest the country’s finances.

The three banks will manage US$200 million from the Sovereign Investment Authority (NSIA) fund alloted to protecting the fund from oil price volatility.

The fund will seek to invest in building up the country’s neglected infrastructure as part of President Goodluck Jonathan’s long-term plan to combat corruption and waste that have long plagued Nigeria’s oil-driven economy.