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NSIA to invest N7.8bn in infrastructure

By on April 6, 2015

The Nigerian Sovereign Investment Authority plans a $40m (N7.88bn) investment to improve the infrastructural facilities in critical sectors such as education, healthcare and environment.

This was confirmed to our correspondent by the Managing Director, NSIA, Mr. Uche Orji, on Friday.

The NSIA is the agency of government currently managing the $1bn Sovereign Wealth Fund which was set up in 2012 by the Federal Government. It is made up of three funds – the Future Generation Fund, the Nigeria Infrastructure Fund and the Stabilisation Fund.

Orji said “We all know healthcare is a very important focus for Nigeria; and some of the Memorandums of Understanding we have signed with hospitals, we will activate a few of them in 2015.

“I will expect us also to focus more on agriculture and finally social infrastructure. We have not done anything and we must do something in social infrastructure because it’s a clear part of our strategy that was defined for the NSIA. I have defined it to include education, healthcare, environmental issues and those areas and some are the ones we will be working on.”

He said while the agency was not a charitable organisation, it would invest in areas that would have maximum impact on Nigerians.

Orji said in view of the limited resources within the disposal of the NSIA, the agency would attract more investments in the critical sectors of the economy.

He said, “There are two things that would define how we play in this area and one is being clear on how we will make an instant impact in this area and two, being able to attract co investments given our own side of the assets is quite small.

“It’s maximum of 10 per cent of our infrastructure fund which puts it at a maximum of $40m. In a country like this, $40m is not enough especially when you are looking for something that will make an impact across the country.”

He said, “In 2015, we have seen a lot of opportunities to invest in asset domestically but we haven’t done a huge amount domestically.

“But what you are going to see is us also taking a more active role in domestic investment. For me, one thing you would expect us to do which we didn’t do in 2014 is a clear investment in power.”

Apart from social infrastructure and power, Orji said the NSIA would be investing massively in the agricultural sector of the economy.

 

[Punch]