NSIA invests 2.833 billion dollars to stabilise economy in 12 years – The Nation Newspaper
…came top in global ranking
The Nigeria Sovereign Wealth Fund (NSIA)has invested about 2.833 billion dollars towards the attainment of key SDGs in the country since its establishment about 12 years ago, its Managing Director, Aminu Umar-Sadiq has said.
Umar-Sadiq, who spoke when the House Committee on Finance visited the agency on an oversight, also disclosed that the NSIA ranked among the best sovereign wealth funds globally, ranking joint first with New Zealand in 2023.
Spain and Ireland with 96 percent each in the ranking, Luxembourg and Sweden with 92 percent, Norway with 89 percent, Netherlands with 88 percent, Canada with 87 percent, Denmark with 86 percent, Panama with 84 percent and France with 83 percent all ranked behind Nigeria in the global sustainability ranking.
He said the GSR reflect the agency’s sustainability practice including ESG policies, a robust framework, climate investment leadership and impactful reporting.
Some of the achievements of the agency since Its inception include establishment of a 10-mw solar power project with 500 direct and indirect jobs to be created, 13,504 houses affordable houses under construction, creation of 245,000 jobs across sectors, more than 200,000 estimated jobs in Agriculture, three major projects in motorways estimated at 515.4 kilometers.
He said the agency has also executed various projects in the health sector including a cancer centre at the Lagos University Teaching Hospital, the Kano Diagnostic centre in Kano and Umuahia, in addition to 23 new modern diagnostic centres which will provide modern radiology and pathology services, 3 oncology centres which will provide accessible, reliable, quality and comprehensive oncology services to further the nationwide fight against cancer.
He stated further that the NSIA has also established 1 Cath labs with one in each of the six geopolitical zones of the country and the FCT to visualize the arteries and chambers of the heart and treat any stenosis or abnormality found, with the phase one already ongoing with the construction of 10 centres.
Umar- Sadiq said the Cancer Centre at the Lagos University Teaching Hospital commissioned in May 2019 is currently providing chemotherapy and radiology services, while the centres in Kano and Umuahia have made significant stride in the early detection and diagnosis of cancer, by introducing advance screening technology, enhancing diagnostic accuracy and expanding regional outreach.
He disclosed that as at January 2024, the centres have successfully diagnosed about 205,998 clients, providing direct employment to about 219 Nigerians, and generated about 360 indirect jobs.Related News
He also disclosed that the NSIA also introduced the Family Homes Fund to improve the quality if life of Nigerians within the low-income sector through the provision of affordable housing with the aim of investing about N1 trillion to develop about 500,000 for low-income earners.
According to him, the aim of the family hones fund is to provide affordable houses and create jobs through innovative solutions, leveraging the nation’s skilled workforce, strategic partnership and technology.
He said the NSIA was created by an act of the National Assembly in May 2011 with a three-fold mandate divided into future generation fund aimed at building a savings base for the Nigerian people, stabilization fund aimed at providing stabilization support in times of economic stress and Nigeria Infrastructure fund aimed at enhancing development of Nigeria’s infrastructure.
He said the fund has received 1.64 billion dollars in net contribution from the government since inception which it has effectively utilized, resulting a new asset value of 2.47 billion dollars as at December 2023.
Deputy Chairman of the House Committee on Finance, Saidu Musa Abdullahi, said the visit was the first by his committee to the agency , adding that they were only interested in fiscal prudency.
He said: “Year in, year out, we have always had huge deficit which made financing major projects in the country difficult. Nigeria has great potentials than what is going on in the country today and I hope we can close the gap. We have what it take as a country and we cannot continue like this.
He stressed the need for the agency to increase its investment in the agricultural sector and grow the sugar cane value chain which he said in currently generating over 40 billion dollars annually for Brazil, while lamenting that the sugar factories privatized has not yielded the dividend required.
Abdullahi said there was the need for the Nigerian government to take back the sugar factories that were privatized, stressing that the Niger state government was planning a 250 hectare of farmland for sugar which he said will generate about one billion dollars for the state.
