Yesterday, Mr. Aminu Umar-Sadiq, the Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), revealed that the organization has dedicated $500 million to enhance domestic infrastructure. Additionally, NSIA has facilitated third-party investments surpassing $1 billion.

He made these remarks during an investigative hearing convened by the House of Representatives' Ad hoc committee, tasked with scrutinizing the Nigeria Sovereign Investment Authority's (NSIA) activities since its inception.

He clarified that the NSIA is jointly owned by the federal government, state governments, local governments, as well as the Federal Capital Territory (FCT) and its Area Councils.

Moreover, he emphasized that the NSIA boasts a substantial infrastructure investment portfolio spanning several pivotal sectors, including agriculture, healthcare, financial infrastructure, technology, innovation, and power.

Furthermore, he revealed that the NSIA has also established institutions and platforms aimed at enhancing the country's financial market ecosystem.

The Managing Director also detailed that the Authority has initiated a 10 MW solar power project, anticipated to generate over 500 direct and indirect employment opportunities. Additionally, the NSIA's involvement in the housing sector has led to the construction of more than 13,000 affordable housing units across various states of the Federation.

In the agricultural domain, the NSIA has provided backing to more than 236,000 farmers participating in various agricultural initiatives. Additionally, through the Presidential Fertilizer Initiative (PFI), the Authority has played a pivotal role in overseeing the production of 3.8 million Metric Tons of fertilizer for farmers across the nation. Presently, 72 blending plants are operational throughout Nigeria, as highlighted by Umar-Sadiq.

Umar-Sadiq further conveyed that the Authority's net assets underwent substantial growth, escalating from N156 billion in 2013 to N1.017 trillion by the conclusion of 2022. This consistent growth has also translated into profitability for the past decade of the Authority's operation. Furthermore, he emphasized that independent auditors have conducted annual audits to verify these financial achievements.

He also indicated that the initial net contribution of $1 billion has expanded to a current net asset value of $2.27 billion, recorded as of December 2022.

Further addressing the gathering, Lateef Shittu, who stood in for the Director General of the Nigeria Governors Forum (NGF), emphasized that local governments played a prominent role as stakeholders. He highlighted that local governments, alongside state governments, constituted a substantial portion of the fund's holdings.

Shittu validated the partnership between the Governors Forum and NSIA, expressing contentment with the extent of their collaboration. He underscored their understanding of the Authority's aims and its projects' influence on the nation.