The Nigeria Sovereign Investment Authority (NSIA) has grown its assets from an initial $1 billion seed capital to over $3 billion in 13 years, the agency’s Vice President Abraham Durosawo disclosed on Wednesday during the Annual General Meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja.
“We started with $1 billion. Today, we have grown that to well over $3 billion. We have been profitable every year and continue to grow the wealth to assure a better future for Nigerians,” Durosawo said.
Established by an Act in 2011 and operational since 2013, NSIA manages Nigeria’s sovereign savings through three core funds — the Future Generations Fund, the Stabilisation Fund, and the Nigeria Infrastructure Fund — each designed to safeguard the economy and drive development.
The Stabilisation Fund has been deployed during economic crises, including a $150 million intervention during the COVID-19 pandemic. Key infrastructure projects supported by NSIA include the Second Niger Bridge, sections of the Lagos–Ibadan Expressway, and parts of the Abuja–Kaduna road corridor.
In healthcare, the agency has invested in 26 oncology and diagnostic centres nationwide to strengthen local capacity for cancer treatment and reduce medical tourism. In energy, NSIA delivered a 10-megawatt solar plant and is set to complete a 30-megawatt gas-fired plant in Lagos before year-end.
“We are only a drop in the ocean compared to Nigeria’s infrastructure needs. So what we do is use our capital to crowd in bigger investors to join us in building the country,” Durosawo added.
Also speaking, Executive Director of Ministry of Finance Incorporated Real Estate Investment Fund (MOFI-MREIF), Mr. Sani Yakubu, announced the rollout of a N1 trillion housing fund to tackle Nigeria’s housing deficit. The first tranche of N250 billion has been raised, with over N75 billion deployed to deliver mortgages offering 20-year terms at a single-digit rate of 9.75 per cent and only a 10 per cent deposit.
“Since March, we are averaging about N10 billion in mortgages monthly, a first in Nigeria’s history,” Yakubu said. He added that MOFI provides off-take guarantees to developers and partners with 20 financial institutions to expand access to affordable housing finance.
FICAN President Bassey Udoh said the annual meeting provides a platform for engagement between financial journalists, policymakers, and regulators on key economic reforms. He highlighted the importance of coordinated efforts by government agencies, private investors, and the media in achieving the federal government’s $1 trillion economy agenda through diversification, infrastructure development, and institutional reforms.
