Nigeria Sovereign Investment Authority Invests $500 Million in Domestic Infrastructure

In an illuminating session before the Ad hoc committee of the House of Representatives, Mr. Aminu Umar-Sadiq, the Managing Director & CEO of the Nigeria Sovereign Investment Authority (NSIA), unveiled a substantial commitment of $500 million towards enhancing domestic infrastructure. In tandem, the NSIA has effectively facilitated third-party investments exceeding $1 billion.

Within the collaborative triad of federal, state, and local governments, including the FCT and its Area Councils, the NSIA plays a pivotal role. Umar-Sadiq underscored the Authority’s robust infrastructure investment portfolio encompassing critical sectors like agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Diversifying its impact, the NSIA has championed the augmentation of the country’s financial market ecosystem through the establishment of pioneering institutions and platforms. An exemplar of this drive is the development of a 10 MW solar power project, set to yield over 500 direct and indirect employment opportunities.

Embarking on the housing front, the NSIA is orchestrating the construction of more than 13,000 affordable housing units across various states of the Federation. In the agricultural sphere, the Authority’s support has reached over 236,000 farmers through diverse Agric projects. The Presidential Fertilizer Initiative (‘PFI’) stands out as a triumph, culminating in the production of an impressive 3.8 million Metric Tons of fertilizer for farmers nationwide, bolstered by 72 operational blending plants scattered across Nigeria.

Umar-Sadiq also underlined the remarkable growth of the NSIA’s net assets, soaring from N156 billion in 2013 to an impressive N1.017 trillion by the close of 2022. Crucially, the Authority has maintained profitability over its decade of operation, punctuated by regular independent audits. The net contribution has surged from an initial $1 billion to an impressive Net Asset Value of $2.27 billion as of December 2022.

Adding a crucial perspective, Lateef Shittu, representing the Director General of the Nigeria Governors Forum (NGF), articulated the significance of local governments as key stakeholders alongside state governments, firmly anchored as significant stakeholders within the fund’s purview. Shittu commended the synergistic relationship between the Governors Forum and the NSIA, highlighting their contentment with the depth of collaboration and clarity surrounding the Authority’s project objectives and national impact.