Mr. Aminu Umar-Sadiq, the Managing Director & Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), has revealed that the organization has dedicated $500 million to domestic infrastructure projects and facilitated third-party investments totaling over $1 billion.
He made this announcement during an investigative hearing held on August 22, 2023. The hearing took place before an Ad hoc committee established by the House of Representatives to examine the NSIA’s activities since its inception. Umar-Sadiq clarified that the NSIA is owned by the federal government, state governments, local governments, including those in the Federal Capital Territory and its Area Councils.
Umar-Sadiq emphasized that the NSIA maintains a robust portfolio of infrastructure investments spanning vital sectors like agriculture, healthcare, financial infrastructure, technology, innovation, and power. He also revealed that the NSIA has fostered institutions and platforms to enhance the financial market ecosystem within the country.
One of the NSIA’s achievements is the development of a 10 MW solar power project projected to generate over 500 direct and indirect jobs. The organization has also been active in the housing sector, overseeing the construction of more than 13,000 affordable housing units across various states in the country. In agriculture, the NSIA has supported over 236,000 farmers through diverse agricultural initiatives. Notably, the Presidential Fertilizer Initiative (PFI) has enabled the production of 3.8 million metric tons of fertilizer for farmers nationwide, with 72 blending plants operational throughout Nigeria.
Umar-Sadiq highlighted the NSIA’s remarkable growth, stating that its net assets surged from N156 billion in 2013 to N1.017 trillion by the close of 2022. The Authority has sustained profitability over its ten years of operation, undergoing annual audits by independent auditors. He also pointed out that the net contribution increased from the initial $1 billion to the current net asset value of $2.27 billion as of December 2022.
Additionally, Lateef Shittu, the representative of the Director General of the Nigeria Governors Forum (NGF), affirmed that local governments are essential stakeholders who, alongside state governments, hold a significant portion of the NSIA’s funds. Shittu praised the collaboration between the Governors Forum and the NSIA, expressing satisfaction with their interactions and understanding of the Authority’s objectives and projects’ impact on the nation.
Shittu shared that the governors requested a presentation on the NSIA’s operations in 2022, which they found satisfactory. He reiterated that every project executed by the NSIA is situated within a local government, thus benefiting the communities directly.
The Committee Chairman, Hon. Ademorin Kuye, explained that the investigation aims to ensure compliance with the legal provisions establishing the Authority. The House intends to provide answers to inquiries from Nigerians about the management of the agency’s funds. If necessary, the committee will conduct on-site visits to the Authority’s projects to ensure their value for money.
The Committee commended the NSIA’s management and staff for their comprehensive responses, reflecting a high level of governance and transparency.
