News in brief:
– The NSIA committed $10.33 billion to key sectors including agriculture, healthcare, and infrastructure.
– Over 445,000 jobs were created, 236,000 farmers supported, and ₦4.35 trillion in net assets were recorded in 2024.
The Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, has revealed that the Authority committed a total of $10.33 billion (approximately ₦15.8 trillion at current rates) to stimulate economic growth across multiple sectors in Nigeria.
Umar-Sadiq made this disclosure during the NSIA’s 2024 earnings presentation in Abuja, highlighting the agency’s social and economic impact through strategic investments.
Massive economic impact across key sectors
According to Umar-Sadiq, the interventions led to the creation of over 245,000 direct jobs and 200,000 indirect jobs across various projects. In the agricultural sector alone, more than 236,000 farmers were supported, 68% of whom are youths, with women accounting for 50% of the total beneficiaries.
The agency’s influence also extends to healthcare, where three of its hospital projects have served over 282,100 patients, including 150,000 chemotherapy sessions. In the education sector, 3,500 youths have benefited from formal education through partnerships with academic institutions. Housing also saw a boost with the construction of 13,504 affordable housing units, aimed at reducing Nigeria’s growing housing deficit.
Funds disbursed across strategic sectors
Breakdown of NSIA’s $10.33 billion economic stimulus reveals a strong emphasis on agriculture, infrastructure, and healthcare. The sectoral distribution includes:
- Agriculture: $7.5 billion
- Motorways: $1.8 billion
- Financial Markets: $695 million
- Gas Industrialisation: $274 million
- Healthcare: $42 million
- Power: $22.5 million
The NSIA also delivered a 10MW solar power project, expected to create over 500 jobs both directly and indirectly.
Strong financial performance and sustainable investment
The NSIA’s financial growth continues on an upward trajectory. Net assets increased by 96%, rising from ₦2.22 trillion in 2023 to ₦4.35 trillion by December 2024.
Umar-Sadiq noted that over $500 million was committed to domestic infrastructure development during the period, with the Authority also catalysing over $1 billion in third-party investments across agriculture, healthcare, and power.
The NSIA has also invested in over 50% of locally owned and managed private equity funds, reinforcing its role as a key driver of domestic capital mobilisation.
Despite global uncertainties such as U.S. tariffs and macroeconomic volatility, Umar-Sadiq assured that NSIA’s income growth remains stable. He attributed this resilience to the Authority’s defensive strategic asset allocations under the Stabilization and Future Generations Funds.
“If you look at the mandate of our Sovereign Wealth Fund, it is largely a savings mandate,” he said. “So, irrespective of the macroeconomic environment, our strategic asset allocations ensure stable income growth.”
