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NSIA To Invest $1 Billion In Renewable Energy and Healthcare

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The sovereign wealth fund of the Nigerian government, the Sovereign Investment Authority of Nigeria is investing $1 billion in solar energy and healthcare.

The company’s chief executive, Aminu Umar-Sadiq, revealed this in an interview with Bloomberg.

The NSIA CEO stated that the organization’s 2023 investing strategy aims to protect its $2.2 billion in assets from market volatility.

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Healthcare and Solar

According to Umar-Sadiq, the Nigerian economy would benefit greatly from spending up to $1 billion over the following three years on solar and hospital facilities.

He said the fund is adjusting its investment approach this year to protect its $2.2 billion assets from market volatility.

The fund is also looking at areas where it can have firmer influence while avoiding losses in a market that is becoming more unpredictable on a global scale.

The NSIA raises money from partners and internally funds the initiatives.

Without mentioning the financiers, he continued, “Maybe a third will come from us and the balance from partners, citing confidentiality.”

The West African country’s economic and energy diversification needs to be accelerated by the NSIA by 2026.

It is possible with investments in industries including healthcare, gas industrialization, technology, power, and agriculture.

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After constructing their first 10-megawatt solar power plant in the northern Kano state in 2022, their next aim is to ‘proliferate’ renewable energy throughout the nation.

They will also give top priority to medical infrastructure for chronic illnesses.

What you must understand

In 2022, NSIA’s infrastructure business revenue and management fees from fiduciary operations increased by 34.5% (N15.7 billion) compared to the previous year.

They recorded a total comprehensive income of N96 billion in 2022, a 34% decrease from N147 billion in 2021 due to significant macroeconomic headwinds.

The NSIA Group reported N96.96 billion in earnings at the end of 2022, 34% less than the N146.98 billion realized in 2021.

Financial results

Total assets increased 10.5% from N919.73 billion in 2021 to N1.02 trillion in 2022.

Over the previous year, management fees and revenue from infrastructure enterprises climbed by 34.5% (N15.7 billion).

The NSIA Group reported N96.96 billion in earnings at the end of 2022, 34% less than the N146.98 billion realized in 2021.

According to NSIA, the decline was caused by the portfolios’ Future Generations and Stabilization investments in securities from developed and emerging financial markets.

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