NSIA Commits $500m To Infrastructure Projects



…Facilitates $1bn Third-Party Investments

NSIA commits $500m to boost infrastructure development - Businessday NG

The Nigeria Sovereign Investment Authority (NSIA) has disclosed that it committed $500 million to domestic infrastructure and enabled over $1 billion third-party investments in the country so far.
The Managing Director/Chief Executive Officer of the Authority, Mr Aminu Umar-Sadiq, made this disclosure on Tuesday during an investigative hearing of the Ad-hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since inception.
The CEO, who pointed out that the NSIA belonged to the three tiers of government and the FCT, said that the agency’s interventions in terms of infrastructure investment portfolio covered agriculture, healthcare, financial infrastructure, technology, innovation, and power sector.
While telling the lawmakers that the NSIA has also developed institutions and platforms to improve the financial market ecosystem within the country, the investment expert explained that it also developed a 10 MW solar power project with the potential of creating over 500 direct and indirect jobs.
Umar-Sadiq further clarified that through its intervention in the housing sector, the agency had over 13,000 affordable housing units currently under construction in different states of the federation.
In addition, he disclosed that in the agricultural sector, the NSIA had supported over 236,000 farmers in different agric projects, including the Presidential Fertiliser Initiative (‘PFI’) in which it facilitated the production of 3.8 million metric tons of fertilizers supplied to farmers nationwide, with 72 blending plants currently in operation nationwide.
Also, the NSIA boss reported that the net assets of the Authority grew from N156 billion in 2013, to N1. 017 trillion at the end of 2022 while its net contribution grew from the initial $1 billion to $2.27 billion as of December 2022.
In his contribution during the hearing, the representative of the Director-General of the Nigeria Governors Forum (NGF), Lateef Shittu, said that state and local governments as its stakeholders were satisfied with the level of collaboration with the Authority and were clear about its objectives as they related to project implementation nationwide.

Previous Article

Naira slumps 900/$ as CBN moves to cage BDC operators

Next Article

FBNHoldings Wows the Market with 2023 H1 Earnings Blowout

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.