Nigeria’s Sovereign Wealth fund (NSIA) declares $500 Million invested in domestic infrastructure

The Nigeria Sovereign Investment Authority (NSIA) has declared an investment of over $500 million in domestic infrastructure and an additional $1 billion in third-party investments.

The disclosure was made by Mr. Aminu Sadiq, the Managing Director of NSIA, during an investigative hearing conducted by an ad hoc committee of the House of Representatives examining the NSIA’s operations in Abuja.

Key Highlights

Investment Portfolio: Mr. Sadiq emphasized NSIA’s robust investment in infrastructure across vital sectors such as agriculture, healthcare, and power.

Financial Market: The agency has fostered the development of over ten institutions and platforms, all aimed at enhancing the financial market ecosystem.

Solar Project: NSIA is currently working on a solar panel initiative expected to generate over 500 employment opportunities.

Housing: 13,504 affordable housing units are presently under construction.
Support to Farmers: NSIA has extended support to over 236,000 farmers.

Asset Growth: The net assets of the agency have surged from N156 billion in 2013 to a staggering N1.017 trillion in 2022.

Additionally, Mr. Kolade David, the President of the Association of Local Governments of Nigeria (ALGON), recognized NSIA’s significant contributions, particularly in the realms of health and education.

Rep. Ademorin Kuye, who chairs the committee, clarified that the investigation’s primary objective is to ascertain the agency’s compliance with the statutory provisions of its establishing law.

He further expressed the House’s intention to transparently address Nigerians’ concerns regarding the management of the agency’s funds.

NSIA reported a profit after tax of N96.9 billion at the end of 2022 down from N146.9 billion a year earlier. The decline came from a drop in financial assets from FVTPL, fair value through profit and loss.

Download NewsTimes App for breaking news and market intelligence. ,

Back to top button