NSIA targets $1.6 billion co-investment for Nigeria

The Nigeria Sovereign Investment Authority (NSIA), has announced its plan to attract about $1.6 billion co-investment in the nation’s infrastructure sector.

This is even as the managers of the country’s Sovereign Wealth Fund (SWF) announced its plan to start distributing its dividends to shareholders of the fund by next year.

 Managing Director and Chief Executive Officer of NSIA ,Uche Orji,disclosed this when the Senate Committee on Finance led by its Chairman John Enoh paid an oversight function visit to NSIA, at its headquarters in Abuja.
According to Orji, NSIA will use the $400 million they secured as Nigeria Infrastructure Fund to attract $1.6 billion of co-investment into the country.
Giving a breakdown of its investment plan from the fund, the NSIA MD disclosed that it’s proposed Real estate co-investment fund is targeting $500 million of capital with NSIA contributing $100 million.
“Four Sovereign Wealth Funds have committed $100 million each and NSIA is negotiating with three other SWFs and Endowments funds.
“NSIA is planning similar funds focused on power and Industries, Agriculture and Healthcare. As well as targeting rehabilitation of Government assets for commercialisation, affordable housing and commercial real estate”
Briefing the visiting Senators further, Orji hinted that his Agency established a fund to invest $200 million in Agriculture with some firms.
Adding that already an initial commitments of $25 million each from NSIA and the firms have been made, with a target size of the of $200 million. “Capital of $150 million is expected to be raised from third party investors” he stated.
He said the investment focus is primary production and processing with primary focus on food security and export.
“The Fund will have an important social investment component, investing in rural development, food, security, import substitution and other areas beneficial to communities.
“The $200 million Agriculture fund will directly and indirectly provide employment and serve as a stimulus to the Nigerian economy and agricultural sector as well as integrate poorer sections of the population into a sustainable process of economic growth and development,” Orji assured.
While commending the National Assembly for its courage and wisdom in expeditiously passing the NSIA Establishment ACT of 2011, the NSIA Boss urged the visiting Senate Committee on Finance team to ensure the continued sustenance of of the fund as in the long run, the country will really benefit from the savings and investments of the fund.
Responding, the Leader of the oversight team and Chairman Senate Committee on FinanceJohn Enoh, commended, the NSIA management for the their efforts in helping secure the future of the country through wise investment of the Sovereign Wealth Fund.
While assuring the NSIA management of the continued support of the Senate, he stated  that after the Committee must have looked at the report presented by NSIA and it’s accounts, an invitation will be issued to them for further clarifications if  needed.