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HomeBusinessNigeria's Sovereign Wealth fund invests over $500 mln in local infrastructure

Nigeria’s Sovereign Wealth fund invests over $500 mln in local infrastructure

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The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq has revealed that the organization has channeled more than $500 million into domestic infrastructure initiatives.

He made these remarks during an investigative hearing conducted by the House of Representatives ad hoc committee on ministries, departments, and agencies (MDAs) in Abuja on Tuesday.

Umar-Sadiq elucidated that approximately $1 billion was allocated for what the NSIA terms “third-party investment”. He highlighted the NSIA’s diversified infrastructure investment portfolio in sectors including agriculture, healthcare, and power.

The organization’s efforts also encompass fostering more robust financial market ecosystems by establishing over 10 institutions and platforms.

“The agency has embarked on projects such as a $10 million solar panel initiative, set to create over 500 jobs, as well as overseeing the construction of 13,504 affordable housing units and supporting over 236,000 farmers, among other initiatives,” Umar-Sadiq stated.

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Regarding financial growth, he outlined the trajectory of NSIA’s net assets, which burgeoned from N156 billion in 2013 to N1.01 trillion by the close of 2022. He underscored that the NSIA has sustained profitability over its decade of operation, with yearly audits conducted by independent auditors.

Also addressing the hearing, Lateef Shittu, a representative director-general of the Nigeria Governors Forum (NGF), emphasized the governors’ contentment with NSIA’s operations.

He noted that the local government could not reasonably be unaware of the agency’s projects, as the state controls 54 percent of its shares alongside the local government.

“The states and local governments are the true owners of NSIA due to our majority shareholding,” Shittu affirmed.

Shittu recounted that the governors had requested a presentation on NSIA’s operations in 2022 and found it satisfactory.

Ademorin Kuye, the committee’s chairman, articulated that the investigation’s objective was to ensure compliance with statutory provisions underpinning the authority’s establishment. He underlined the House’s commitment to providing explanations to the public about the management of the agency’s funds.

Kuye also noted that the committee may visit project sites managed by the authority to ascertain value for money. The lawmakers commended NSIA’s management and staff for their detailed responses, lauding their demonstrated commitment to governance and transparency.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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