Nigeria Sovereign Investment Authority (NSIA) and IFC to promote infrastructure development in Nigeria

Posted by News Express | 25 July 2013 | 5,128 times

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The Nigerian Sovereign Investment Authority (NSIA) has indicated its readiness to partner with the International Finance Corporation (IFC), a member of the World Bank Group, to develop, finance, and implement infrastructure projects that will contribute to economic growth, jobs creation and social development in Nigeria. This was sequel to yesterday’s signing of a Memorandum of Understanding between the NSIA and the IFC.

The partnership is expected to help mobilise public and private resources that will open the Nigerian market for infrastructure investments in sectors such as housing, healthcare, transport, power and gas. In addition, the partnership will include co-project development on some projects, as well as IFC providing other support to the NSIA, given IFC’s global expertise and experience on infrastructure development.

Uche Orji, Managing Director of NSIA, said: “Our agreement with IFC reflects NSIA’s commitment to enhance partnerships with the private sector that deliver on our shared aspiration of developing infrastructure projects more effectively in Nigeria. Through this collaboration with IFC, NSIA is better positioned to fulfill its mandate of developing infrastructure projects while attracting global investors.”

Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria, said: “Infrastructure is a priority focus area for IFC. IFC aims to help increase access to basic infrastructure services in Nigeria by structuring commercially viable projects, facilitating private investments, and building partnerships that enhance infrastructure financing. We believe that our partnership with NSIA will bring development to the broader infrastructure sector and foster sustainable economic growth for Nigeria.”

NSIA was established through an Act of the National Assembly (the NSIA Act 2011). Its objective of the NSIA is to promote fiscal stability, build a savings base for future generations of Nigerians and enhance the development of Nigeria’s infrastructure. NSIA’s investments are made through three distinct funds: The Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund. Investments made under the MOU with IFC will be made through the Nigeria Infrastructure Fund.

Photo shows NSIA and IFC officials after signing the MOU.

Source: News Express

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