NSIA Attracts over $375m Foreign Investments

Ndubuisi Francis in Abuja
The Nigeria Sovereign Investment Authority (NSIA), operators of the Sovereign Wealth Fund (SWF), has attracted over $175 million foreign investment into the country since it commenced operations in 2012.

NSIA’s Managing Director, Mr. Uche Orji, made the disclosure in Abuja yesterday while briefing journalists on the activities of the organisation.

Giving an insight into the over $,375 million foreign investment, Orji said it is composed of $175 million investment in the Agric Fund; $100 million in the Real Estate; and another $100 million in Infracredit for the development of infrastructure facilities across the country.
The NSIA, he said, was making effort to boost agriculture by ensuing the availability of fertilizer to farmers at an affordable price of N5,500.

Orji also disclosed that in partnership with others, the NSIA was targeting a million metric tons of fertilizer which is being blended in some parts of the country for delivery in five tranches, effective from the next wet season.
The fertilizers coming from the plants, he said, were not only branded but also had N5, 500 printed on the bags to make it impossible to exploit the farmers above the fixed price.

A whistleblowers’ strategy, the NSIA chief executive added, had been put in place to check any eventual abuse.
He also disclosed that the on-going transaction towards taking over the Commodities Exchange in Abuja would position it to create an agriculture sector that would guarantee optimum earnings for farmers.

According to him, without the exchange, middlemen who visit villages to buy farm produce from the farmers would continue to be the main beneficiaries of the effort of the farmers, adding that the organisation was determined to promote sectors that would ensure the industrialisation of the nation’s economy by helping to establish middle industries that can easily fill the gap of specific imports, particularly in areas where the nation has comparative advantages such as petro-chemicals.