The Nigeria Sovereign Investment Authority (NSIA) has announced a substantial commitment of $500 million towards bolstering domestic infrastructure development, along with facilitating additional third-party investments exceeding $1 billion.
This momentous disclosure was made by Aminu Umar-Sadiq, the Managing Director and Chief Executive Officer of NSIA, during an investigative hearing held on Tuesday, August 22, 2023.
The hearing was convened by the Ad hoc committee established by the House of Representatives, with the aim of delving into the NSIA’s operations since its inception.
Umar-Sadiq elucidated that NSIA is a jointly owned entity, encompassing the federal government, state governments, local governments, as well as the Federal Capital Territory and its Area Councils.
Highlighting NSIA’s far-reaching commitment to infrastructure investment, Umar-Sadiq emphasized the agency’s involvement in pivotal sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.
Furthermore, Umar-Sadiq unveiled NSIA’s strategic efforts in enhancing the country’s financial market ecosystem through the establishment of institutions and platforms.
The NSIA notably undertook a 10 MW solar power project, with projections of generating over 500 direct and indirect job opportunities.
The agency also substantiated its dedication to housing development by initiating the construction of more than 13,000 affordable housing units across various states in Nigeria.
In the agricultural realm, the NSIA’s support extended to over 236,000 farmers engaged in diverse agricultural projects.
Particularly noteworthy is the Presidential Fertiliser Initiative (PFI), which led to the production of an impressive 3.8 million Metric Tons of fertiliser for farmers nationwide.
Currently, 72 blending plants are operational under the PFI initiative across Nigeria.
Umar-Sadiq further shared the agency’s financial progress, disclosing that NSIA’s net assets had surged from N156 billion in 2013 to a substantial N1.017 trillion by the conclusion of 2022.
Impressively, the agency has maintained profitability over its decade-long operation, with annual audits conducted by Independent Auditors.
NSIA’s net contribution also experienced robust growth, expanding from the initial $1 billion to a remarkable net asset value of $2.27 billion as of December 2022.
Lateef Shittu, representing the Director General of the Nigeria Governors Forum (NGF), affirmed the significant role of local governments as stakeholders within NSIA’s initiatives.
Shittu lauded the collaborative efforts between the Governors Forum and NSIA, expressing satisfaction with the level of interaction and clear comprehension of the agency’s objectives in relation to its projects and their national impact.
Chairing the committee, Hon. Ademorin Kuye elucidated the investigation’s purpose of ensuring strict adherence to the statutory provisions of the law establishing the Authority.
Kuye emphasized the committee’s dedication to providing answers to inquiries from the Nigerian populace regarding the agency’s fund management.
He also indicated the potential for on-site visits to NSIA projects to guarantee value for money.
The committee praised NSIA’s management and staff for their comprehensive responses, underscoring the agency’s high standards of governance and transparency.
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