NSIA Managing Director, Mr. Uche Orji
The Nigeria Sovereign Investment Authority (NSIA), operator of the Sovereign Wealth Fund (SWF), is to partner the International Finance Corporation (IFC), a member of the World Bank Group, to develop, finance, and implement infrastructural projects that would contribute to economic growth, job creation and social development in Nigeria.
The partnership, which has been consummated with the signing of a Memorandum of Understanding (MoU) between the NSIA and the IFC, will help mobilise public and private resources that will open the Nigerian market for infrastructure investments in sectors such as housing, healthcare, transport, power and gas.
The synergy will also include co-project development as well as the IFC providing other support to the NSIA, given the former’s global expertise and experience on infrastructure development.
A statement made available to THISDAY yesterday, quoted the NSIA Managing Director, Mr. Uche Orji, as saying: “Our agreement with IFC reflects NSIA’s commitment to enhance partnerships with the private sector that deliver on our shared aspiration of developing infrastructure projects more effectively in Nigeria. Through this collaboration with IFC, NSIA is better positioned to fulfill its mandate of developing infrastructural projects while attracting global investors.”
But for the IFC Country Manager for Nigeria, Mr. Solomon Adegbie-Quaynor said, “infrastructure is a priority focus area for IFC. IFC aims to help increase access to basic infrastructure services in Nigeria by structuring commercially viable projects, facilitating private investments, and building partnerships that enhance infrastructure financing. We believe that our partnership with NSIA will bring development to the broader infrastructure sector and foster sustainable economic growth for Nigeria.”
The NSIA was set up by an Act of the National Assembly in 2011 to manage the SWF.
The objective of the SWF was to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. The NSIA’s investments are made through three distinct funds: Stabilisation Fund, Future Generations Fund, and the Nigeria Infrastructure Fund.
Investments made under the NSIA-IFC MoU will come under the Nigeria Infrastructure Fund.
The NSIA had also in June signed a MoU with a global leader in infrastructure technology, services and solutions—General Electric (Gsigned a E) to finance, develop and operate infrastructure projects in Nigeria’s healthcare, aviation, transportation and power sectors.