Nigerian Sovereign Investment Authority, NSIA, said, yesterday, its Managing Director, Mr. Uche Orji, only made reference to Nigerian/Africa business community, and not the Federal Government, on the issue of borrowing at the recently concluded Oil and Gas Summit in Abuja.

Director, Communications, Mr. Titilope Olubiyi, said in a statement yesterday:  ‘’While we appreciate the objectivity with which the reports are written, we are constrained to contest the extrapolation drawn from Mr. Orji’s statement as it deviates from the preceding logic and facts presented in his submission to the members of the Oil and Gas community.

‘’Mr Orji’s admonition was strictly directed at the Nigerian/African business community many of whom had to struggle with the challenges posed by fluctuations in the foreign exchange market in seeking to cover their cost of funds.

‘’The reference in this context was directed at companies operating in this market and not at government. As you would note, several companies whose equity had been eroded by currency mismatch were subsequently taken over by AMCON while many others went into liquidation.”