Goldman Sachs, UBS and Credit Suisse has been appointed by the the Nigeria Sovereign Investment Authority (NSIA), as asset managers for the 20 percent portion of its $1 billion fund that is meant to mitigate against oil price shock.

The sovereign wealth fund (SWF) seeks to help Nigeria better manage its often squandered oil windfall, with a threefold aim of putting money aside for infrastructure investment, providing a savings pot for future generations and protecting against commodity price.

According to economists, the nation pumps around 2 million barrels of oil a day, but much of that money is wasted on corruption and a bloated, inefficient bureaucracy.

Obinna Ihedioha, NSIA Special Adviser who noted that the Sovereign Investment Authority (NSIA) failed to allocate the remaining 15 percent  of the fund  in May, stated that the fund’s assets will be invested conservatively, with capital preservation in nominal terms being of primary importance.

He added in a statement that UBS would manage the U.S. Treasury bond portfolio while Goldman and Credit Suisse would manage U.S. corporate grade bonds.