Aminu Umar-Sadiq, the Managing Director & Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), has unveiled the Authority’s substantial investments in domestic infrastructure, amounting to $500 million, along with facilitating third-party investments exceeding $1 billion.
Umar-Sadiq shared these insights during an investigative hearing conducted on Tuesday, August 22, 2023, by the Ad hoc committee established by the House of Representatives to scrutinize NSIA’s activities since its inception.
Addressing the committee, Umar-Sadiq underscored the unique composition of the NSIA, which comprises the federal government, state governments, local governments, and the Federal Capital Territory (FCT) with its Area Councils.
He emphasized the Authority’s commitment to fostering infrastructure development across critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.
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The NSIA’s comprehensive portfolio includes initiatives aimed at improving the financial market ecosystem within Nigeria.
Umar-Sadiq highlighted the establishment of a 10 MW solar power project projected to generate over 500 direct and indirect jobs.
The Authority’s endeavors in the housing sector have manifested in the construction of more than 13,000 affordable housing units across various states.
In the agricultural realm, Umar-Sadiq shared that the NSIA’s support has reached over 236,000 farmers engaged in diverse agricultural projects.
Through the Presidential Fertiliser Initiative (PFI), the Authority has facilitated the production of 3.8 million Metric Tons of fertiliser, operating 72 blending plants nationwide.
Umar-Sadiq highlighted the impressive growth trajectory of the NSIA, with net assets surging from N156 billion in 2013 to N1.017 trillion at the end of 2022.
He also noted that the Authority has maintained profitability throughout its ten-year operation, with regular audits performed by Independent Auditors.
The net contribution has expanded from the initial $1 billion to the current Net Asset Value of $2.27 billion as of December 2022.
Lateef Shittu, representing the Director General of the Nigeria Governors Forum (NGF), commended the collaborative relationship between the Governors Forum and NSIA.
Shittu reaffirmed that local governments, alongside state governments, are integral stakeholders in the fund and actively benefit from NSIA projects.
The Chairman of the Committee, Hon. Ademorin Kuye, underscored the purpose of the investigation, which seeks to ensure compliance with the statutory provisions governing the Authority.
The committee aims to provide Nigerians with transparency and accountability regarding the management of NSIA funds. If deemed necessary, the committee intends to visit project sites to ensure optimal value for money.
The Committee lauded the NSIA management and staff for their thorough responses, reflecting the Authority’s commitment to high governance standards and transparency in its operations.