Nigeria’s Sovereign Investment Authority, the country’s flagship sovereign wealth fund, has declared its plans to invest $ 1 billion in healthcare and solar energy over the next three years.
Bloomberg reported that the company’s chief executive, Aminu Umar-Sadiq, revealed this in an interview on Monday.
The NSIA CEO further stated that the organization’s 2023 investing strategy aims to protect its $2.2 billion in assets from market volatility.
According to Umar-Sadiq, the Nigerian economy would benefit greatly from spending up to $1 billion over the following three years on solar and hospital facilities.
He stated that the fund is also looking at areas where it can have a stronger influence while avoiding losses in a market that is becoming more unpredictable on a global scale.
“The West African country’s economic and energy diversification is expected to be accelerated by the NSIA by 2026 with investments in industries including as healthcare, gas industrialization, technology, power, and agriculture.”
“NSIA has had a phenomenal impact over the last ten years, and we’re on track to do more in infrastructure,”
The NSIA Group reported N96.96 billion in earnings at the end of 2022, 34% less than the N146.98 billion realized in 2021. According to NSIA, the decline was principally caused by the portfolios’ Future Generations and Stabilization investments in securities from developed and emerging financial markets.