The fresh inflow, which makes the fund
The additional injection of funds into the SWF came from accruals from the over-subscribed
Speaking at a media briefing yesterday in
"This is evidence that the investment which the country is making in the NSIA is increasing and the benefits of this investment will bear good fruit for the country. There is still work to be done but we are on the right track," the minister said.
She disclosed that
According to her, an agreement had been reached specifically for private sector partners to contribute an additional
The balance of
"What we have decided to do is to infuse another
"How did this come about? If you recall the Eurobond floated - the main purpose of that Eurobond was to support the power sector. Then out of that power sector money,
"In addition, we have also transferred
"We believe that this is a very significant achievement and in fact, I think it even goes beyond the amount of money we are putting in as to what they can do to leverage this for the power sector," the minister said.
Managing Director of NSIA, Mr.
"The strategy we have adopted for the infrastructure fund is to enable people to co-invest and partner the NSIA. So we anticipate that we have more investors come under the umbrella of NSIA as we take on this additional strategy in terms of gas-to-power. Let me give you information about what we are doing in power.
"Power is one of the five sub-sectors that the
"On top of that, we have many other people who are interested in co-investing with us. Essentially, this will provide catalytic funding in the gas-to-power area for now. And we expect to drive more investments for investors who would come in under the umbrella of NSIA.
"Now, on the
"These are the five sectors we are focused on immediately for the
"In real estate, our investments go back into things like helping the mortgages refinancing market. We are one of those equity investors in that market. We are also looking at mass housing and affordable housing areas as part of our real estate strategy, in addition to other commercial real estate opportunities we are pursuing.
"We have advanced discussions with two states in terms of what we want to do in mass housing. As soon as we are ready, we will be able to announce this. "On power, we continue to look at both distribution and generation. The discussions are further advanced in some of these areas and hopefully, we will be able to announce a couple of things soon in power.
"We also made some commitments in agriculture. We invested through a fund for agriculture financing. That is one of the three things we are looking at in agriculture infrastructure. "The reason why we are supporting this fund is that this fund provides shared infrastructure for small stakeholder farmers and agro-processing. And we consider this a critical part of infrastructure.
"In health care, we have signed a memorandum of collaboration with three bodies. One is a federal medical centre and two are teaching hospitals to look at opportunities to provide specific PPP (public-private partnership) investments in the area of healthcare.
"Also, you may not have been told this officially. When we met last time, I told you we had 15 per cent unallocated as part of our overall fund. We have allocated that 15 per cent as of the beginning of December to both the
"So what we have now is 20 per cent with the
The NSIA had last year signed a memorandum of understanding (MoU) with the global leader in infrastructure technology, services and solutions -
Under the MoU, GE and NSIA will seek infrastructure opportunities in which to cooperate, where NSIA's role as a financial investor and GE's role as an original equipment manufacturer (OEM) would complement each other to achieve the strategic objectives of the agreement through partnerships with relevant, credible, public and private sector entities.
Meanwhile, Okonjo-Iweala has disclosed that the federal government, in collaboration with its multilateral partners, is putting systems and processes in place to guarantee power sector investments.
The minister said the
"We have strengthened power market intermediaries such as the
According to her, the federal government has also developed the Put-Call Option Agreement that guarantees protection of equity and debt, adding: "Our partners at the
"The regulator is putting in place a cost-reflective tariff that will provide adequate provision for
"This Multi-Year Tariff framework ensures that in the event of any change in its underlying economic and technical indices, the tariffs will be modified accordingly. "The guarantees and the tariff framework will go a long way in improving the attractiveness and upside potential of the successor companies and other new investors in the sector," she explained.
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