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Tuesday, July 23, 2024

NSIA Commits $500m To Boost Infrastructure Devt

The Nigeria Sovereign Investment Authority says it has committed $500m to boost domestic infrastructure, while also enabling third-party investments of over $1bn.
The Managing Director and Chief Executive Officer, Mr Aminu Umar-Sadiq, said this at an investigative hearing held on Tuesday at the Ad hoc committee constituted by the House of Representatives to investigate the activities of the NSIA since its inception.
Umar-Sadiq explained that the NSIA belongs to the three tiers of government consisting of the Federal, state, and local, including the Federal Capital Territory and its area councils.
He further reiterated that the NSIA had a robust infrastructure investment portfolio covering several critical sectors such as agriculture, healthcare, financial infrastructure, technology, innovation, and power.
Umar- Sadiq also stated that the net assets of the Authority grew from N156 billion in 2013, to N1. 017 trillion at the end of 2022, and had remained profitable over the last 10 years of operation, with yearly audits performed by independent auditors.
He also mentioned that the net contribution had grown from the initial $1 billion to the current net asset value of $2.27 billion as of December 2022.
Also speaking, the representative of the Director General, Nigeria Governors Forum, Lateef Shittu, said local governments were notable stakeholders who accounted for, together with the state governments, represented a significant holding of the fund.
Shittu affirmed the collaboration of the NGF with the NSIA, saying they were satisfied with the level of interactions and were clear about the objectives of the Authority in relation to its projects and impact on the nation.
He disclosed that in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that “we are satisfied with the presentation and what was being done”.
He added, “Every single project executed by the NSIA is located within a local government, so they are beneficiaries of the NSIA projects.”
The chairman of the committee, Ademorin Kuye, said the objective of the investigation was to ensure that the statutory provisions of the law establishing the Authority were adhered to.
He stated that the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee would visit sites of projects being handled by the authority to ensure value for money.
The committee commended management and staff for the detailed responses that were provided which alludes to its high level of governance and transparency.


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