NSIA has no more unallocated funds – MD

Managing Director of the Nigeria Sovereign Investment Authority (NSIA) Mr. Uche Orji yesterday declared that yesterday said the organisation does not have any unallocated funds since December 2013.
He made this known in Abuja while briefing the press on update of the firm in Abuja.

According to him, initially, there was a 15% unallocated portion that was splitted equally to the infrastructure fund and future generation fund.
Orji explained that allocation of funds to the NSIA fund are: 20% to the Stabilisation Fund; 40% to the Future fund and 40% to Infrastructure fund.

With regards to the Stabilisation fund he said investment activity started in October 2013 and is performing in line with expectation as it is expected to earn modest positive return.
Continuing, he said out of approximately 12-13 areas defined within the infrastructure sector, focus has been narrowed to Agriculture, Real Estate, Motorways, Power and Healthcare.

Orji further stressed that $100 million was allocated to power sector with an agreement with a private equity company to match NSIA’s equity, adding that “If things go well, on a couple of things we are looking at, we could announce something soon.”
It could be recalled that NSIA was recently allocated $550 million by the federal government under the power to gas programme, saying also that recently, an MOU was signed with AMA-Sinohydro to collaborate on investment opportunities in hydro-electric power plants, multipurpose dan, real estate among others.

No tags for this post.