Ekiti State Wealth Fund

At a glance. The Ekiti State Wealth Fund is a Nigerian state framework, set up by a 2023 law, to pool infrastructure, future generations, savings and investment money. Its first working tool is the Project Facilitation Fund (PFF), which pays for early preparation of public-private partnership projects. The PFF aims to prepare at least 15 projects and draw in NGN 300 billion of private investment. S1 S2

Key points

• Created by the Ekiti State Wealth Fund Law, 2023. S2
• The PFF finances PPP project preparation through four windows. S2
• Seed capital is at least 3 percent of the FY2025 and FY2026 PPP capex pipeline. S2
• Targets at least 15 bankable PPP projects and NGN 300 billion of private investment. S2
• Aims to cut PPP preparation time by 30 percent within three years. S2
• Designed as a revolving facility with cost recovery and project levies. S2

Interesting facts

• The PFF is also called the State Infrastructure and Investment Facilitation Fund. S2
• Pipeline projects include a 20,000-bed student hostel costed at NGN 4.63 billion. S2
• Every PFF-backed project must pass a value-for-money test. S2

Mandate and goals

Receive, manage and invest medium and long-term assets for residents and future generations, and make priority PPP projects bankable through catalytic preparation funding. S1 S2

• Coordinate infrastructure, future generations and investment funds. S1
• Prepare at least 15 priority PPP projects for procurement. S2
• Mobilise at least NGN 300 billion of private investment. S2

How it invests

Published criteria

• Project must be on the PPP priority list approved by the PPP Council. S2
• Value-for-money, fiscal and safeguard tests apply. S2

Past investments

The fund has not published a list of investments.

Case studies

Project Facilitation Fund set up for PPPs S2

• What: Under the Wealth Fund Law and a 2025 regulation, the state set up a revolving fund to prepare PPP projects.
• When: 2025
• Size: At least 3% of PPP capex pipeline
• Why: Close the early-stage preparation gap that slows bankable PPPs.
• Outcome: Pipeline includes a knowledge zone, student hostel, health centre and bus terminal.

Investment process

A PFF Board under the Wealth Fund Law approves support; EKDIPA hosts the fund and acts as secretariat. Internal controls, procurement rules and annual external audits apply. S2 S3

1. Project enters the approved state PPP pipeline. S2
2. Screening and readiness assessment by EKDIPA. S2
3. PFF Board approves support from a funding window. S3
4. Costs are recovered at financial close where possible. S2

How to approach: PPP sponsors engage through EKDIPA and the state PPP portal. S2

Size and returns

• Headline size: Not published (Fund market value) S2
• Private investment target: NGN 300B (Announced target, not current assets) S2
• Returns: the fund does not publish a return figure.

Leadership

Governance and transparency

• Legal basis: Ekiti State Wealth Fund Law, 2023; Infrastructure and Investment Facilitation Fund Regulation, 2025 S2
• Oversight: Ekiti State Government; PFF Board S2
• Annual external audits are planned under the PFF manual. S3

Transparency score: 1.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

• Partly published: governance and mandate documents, named leadership. S3
• Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, regular reporting schedule. S3

History

Reports

• PFF Business Plan and Financial Plan: https://ekitistate.gov.ng/wp-content/uploads/saber/New/PFF_Business_Plan_and_Finacial_Plan.pdf S2
• PFF Governance and Operations Manual: https://ekitistate.gov.ng/wp-content/uploads/saber/New/PFF_Governance_and_Operations_Manual.pdf S3

Common questions

What does the Ekiti State Wealth Fund do?

It pools state funds; its first tool, the PFF, pays for PPP project preparation. S2

How big is it?

No balance is published. Seed capital is at least 3 percent of the PPP capex pipeline. S2

How can investors get involved?

Through PPP projects on the state pipeline run by EKDIPA. S2

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Sources

1. S1The News Nigeria, Ekiti to establish state wealth fund (8 March 2023)
2. S2Ekiti State, Project Facilitation Fund Business Plan and Financial Plan
3. S3Ekiti State, Project Facilitation Fund Governance and Operations Manual