Nigeria’s Sovereign Investment Authority, the flagship sovereign wealth fund of the Nigerian Government, announced it will invest $1 billion in healthcare and solar energy over the next three years.
This was disclosed by its Chief Executive Officer, Aminu Umar-Sadiq, in an interview with Bloomberg.
The NSIA boss added that its investment strategy in 2023 is to shield its $2.2 billion of assets from volatility in financial markets.
Umar-Sadiq stated that investing as much as $1 billion over the next three years in solar and healthcare infrastructure will be a major boost for Nigeria’s economy.
He added the fund will recalibrate its investment strategy this year to shield its $2.2 billion of assets from volatility in financial markets, and is also looking at areas where it can make a greater impact while at the same time avoiding losses in an increasingly uncertain global market.
He added that the NSIA plans to accelerate economic and energy diversification for the West African nation by 2026 through investments in sectors including health care, gas industrialization, technology, power, and agriculture.
They also noted that they will ‘proliferate’ renewable energy across the country after building their first 10-megawatt solar power plant in the northern Kano state in 2022, adding that medical infrastructure for chronic ailments will also be given priority.
NSIA’s revenue from infrastructure business, and management fees earned from fiduciary activities, increased by 34.5% (N15.7 billion) year-over-year in 2022.
They reported a total comprehensive income of N96 billion in 2022, representing a decline of 34% relative to N147 billion in 2021 due largely to strong macroeconomic headwinds.
The earnings of the NSIA Group at the end of 2022 were N96.96 billion, which is 34% less than the N146.98 billion recorded in 2021.
Total assets grew 10.5 per cent to N1.02 trillion in 2022, up from the N919.73 billion recorded in 2021.
Revenue from infrastructure businesses and management fees earned from fiduciary activities, increased by 34.5 per cent (N15.7 billion) year-over-year.
The earnings of the NSIA Group at the end of 2022 were N96.96 billion, which is 34 per cent less than the N146.98 billion recorded in 2021. The decline, according to NSIA, was primarily attributable to the performance of its Future Generations and Stabilization portfolios, which are invested in emerging and developed financial market instruments.
