July 25, 2013

NSIA, IFC sign MoU on Nigeria’s infrastructure financing

keystone bank

Banking hall


The Nigerian Sovereign Investment Authority, NSIA, yesterday, signed a Memorandum of Understanding with the International Finance Corporation, IFC, a member of the World Bank Group, to develop, finance, and implement infrastructure projects.

The partnership, according to a statement by the IFC, will contribute to Nigeria’s economic growth, boost jobs creation and social development.

The IFC further stated that the partnership will 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,” the statement noted.

Commenting on the development, Uche Orji, Managing Director, 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.”

Also speaking, 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.”

The Federal Government of Nigeria through an Act of the National Assembly (the NSIA Act 2011) established the Nigeria Sovereign Investment Authority (NSIA). The 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. The 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.