BY PROVIDENCE OBUH

The Nigerian Sovereign Wealth Authority (NSIA) has said that the $200 million intervention fund earmarked for start-ups in the country will not have significant impacts.

Managing Director, NSIA, Mr. Uche Orji, made this known at a forum with stakeholders in Lagos.He said that the impact of intervention funds on economies are measured on long term basis, and that consistent contributions will determine how it will strategise its investment both locally and internationally.

He said, “The truth is this, $200 million in the NSIA intervention fund account at this point is small. It is 20 percent of $1 billion that is the total amount made available to the fund which is the only portion available for use for this purpose.

This is not enough to stabilise the country, but we are not doing this for now but, we believe that over the next ten to fifteen years, we will get to a point where we will have enough funds to intervene when necessary.  However, we are starting with this amount, if the contribution is maintained we should get to a comfortable position soon.

He pointed out that Dubai was almost wiped out between 2008 and 2009 when it had mortgage crisis, but was stabilised by Abu Dhabi Investment Company with a $20 billion cheque.

He added that Norway went from $300 million initial start up to now $1billion every week, “last year they got 52 billion dollars and every year that’s what they get. We haven’t gotten anything except N550 million from the federal government,” he stated.

Furthermore, he disclosed that it  is in talks with the Federal Government to invest in the Lagos-Ibadan Express way, adding: “We are interested in investing in Lagos-Ibadan Expressway and we have engaged the government in conversation around it.”

On the second Niger Bridge construction, he said that its first motorway investment is on the bridge as a lead financial partner in the consortium and with responsibility to invest equity and attract other equity partners and raise debt for this project.