The Nigeria Sovereign Investment Authority (NSIA) has allocated $500 million to bolster domestic infrastructure and has facilitated third-party investments of over $1 billion, according to Aminu Umar-Sadiq, the Managing Director and Chief Executive Officer of NSIA.
Umar-Sadiq made this announcement during an investigative hearing on the activities of NSIA, which was held on August 22, 2023, by an ad hoc committee of the House of Representatives.
He emphasized that NSIA is jointly owned by the federal government, state governments, local governments, and the Federal Capital Territory (FCT) and its area councils.
Furthermore, Umar-Sadiq reiterated that NSIA has a robust infrastructure investment portfolio that encompasses critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.
He also revealed that NSIA has established institutions and platforms to enhance the financial market ecosystem in the country.
Umar-Sadiq stated that NSIA has developed a 10 MW solar power project, which is expected to generate over 500 direct and indirect jobs.
In addition, NSIA is currently involved in the construction of more than 13,000 affordable housing units in various states across the country.
The agricultural sector has also received support from NSIA, with over 236,000 farmers benefiting from different agricultural projects. Under the Presidential Fertilizer Initiative (PFI), NSIA has facilitated the production of 3.8 million metric tons of fertilizer for farmers nationwide. There are currently 72 blending plants in operation across Nigeria, he added.
Umar-Sadiq further emphasized that the net assets of NSIA have grown from N156 billion in 2013 to N1.017 trillion by the end of 2022. The Authority has consistently remained profitable over the past decade, with independent auditors conducting yearly audits.
Speaking at the hearing, Lateef Shittu, the representative of the Director General of the Nigeria Governors Forum (NGF), highlighted the significant role of local governments as stakeholders in NSIA. Shittu affirmed the collaboration between the Governors Forum and NSIA, expressing satisfaction with the level of interaction and clear objectives of the Authority’s projects and their impact on the nation.
He revealed that in 2022, the governors requested a presentation on NSIA’s operations from the management and were satisfied with the progress being made. Shittu reiterated that “every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects.”
Chairman of the Committee, Hon. Ademorin Kuye, stated that the objective of the investigation was to ensure compliance with the statutory provisions of the law establishing NSIA. He emphasized that the committee aims to provide answers to questions from Nigerians regarding the management of the agency’s funds. If necessary, the committee will visit project sites to ensure value for money.
The Committee commended NSIA’s management and staff for providing detailed responses, reflecting a high level of governance and transparency.
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