The Nigeria Sovereign Investment Authority (NSIA), led by its Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq, has announced a commitment of $500 million towards domestic infrastructure projects.
The authority has also facilitated third-party investments exceeding $1 billion, as revealed during an investigative hearing organised by the House of Representatives’ Ad hoc committee. This committee was tasked with scrutinising the NSIA’s activities since its inception.
Mr. Umar-Sadiq emphasised that the NSIA operates for the collective benefit of the federal government, state governments, local governments, and the Federal Capital Territory (FCT) along with its area councils. The NSIA’s broad infrastructure investment portfolio spans critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.
Furthermore, Mr. Umar-Sadiq highlighted the NSIA’s efforts in enhancing the country’s financial market ecosystem by establishing institutions and platforms.
Noteworthy achievements include the creation of a 10 MW solar power project expected to generate more than 500 direct and indirect jobs. Additionally, the NSIA’s involvement in the housing sector has led to the construction of over 13,000 affordable housing units across various states.
In the agricultural domain, the NSIA has supported over 236,000 farmers across diverse agricultural projects. Through the Presidential Fertiliser Initiative (PFI), the NSIA has facilitated the production of 3.8 million Metric Tons of fertiliser nationwide, operating 72 blending plants throughout Nigeria.
Mr. Umar-Sadiq proudly highlighted the NSIA’s financial growth, citing an increase in net assets from N156 billion in 2013 to N1.017 trillion by the end of 2022. The authority has maintained profitability during its ten years of operation, undergoing yearly audits by Independent Auditors. Additionally, the net contribution has surged from the initial $1 billion to a current Net Asset Value of $2.27 billion as of December 2022.
Representing the Nigeria Governors Forum (NGF), Mr. Lateef Shittu acknowledged local governments as significant stakeholders alongside state governments, collectively holding a substantial portion of the fund. Mr. Shittu commended the Governors Forum’s collaboration with the NSIA, expressing satisfaction with their interactions and a clear understanding of the authority’s objectives and its potential impact on the nation.
