NSIA invests over N571.5bn on domestic infrastructure

Managing Director of the Nigeria Sovereign Investment Authority (NSIA) Aminu Umar Sadiq stated that over $500 (N571.5bn) million was invested directly in domestic infrastructure projects.

Sadiq said the investment is targeted at boosting the country’s domestic infrastructure and boosting economic viability. 

He stated this on Thursday in Abuja during the public presentation of the 2023 financial earnings.

“The NSIA’s impact on domestic investments has created real-time jobs and contributed to ease of doing business. Subsequently, by creating a more attractive investment environment, the NSIA is effectively leveraging its resources to attract significant additional capital for critical projects.

• Reversing tariff increase will cost Nigeria N3.2trn in subsidy — NERC
• Only 6% of Nigerians own vehicles — NADDC

“Already, the NSIA has made investments in over 50 per cent of locally owned and operated private equity funds. This targeted support strengthens the local financial ecosystem and empowers homegrown businesses to contribute to national development,” he explained.

He acknowledged key factors affecting investments both domestically and internationally, including tightening global monetary policy, China’s economic slowdown, the 2023 United States Banking crisis, Nigeria’s political transition, and persistently high inflation.