Nigeria’s Sovereign Funds and IFC to Support Nigerian Infrastructure Development
The Nigerian Sovereign Investment Authority (NSIA) is partnering with the International Finance Corporation (IFC) to develop, finance and implement infrastructure projects that will stimulate job creation, economic growth and social development in Nigeria. This occurred through the signing of a Memorandum of Understanding (MoU) between the IFC and NSIA. The NSIA and IFC want to channel investment in areas such as housing, healthcare infrastructure, transport, power and gas. By structuring commercially viable investments, the two entities are trying to entice and encourage private investment in much needed infrastructure. Nigeria is one of the largest economies in Africa. There is significant spatial distribution in connecting infrastructure in Nigeria’s northern regions compared to the southern coastal areas.
Uche Orji, Managing Director of NSIA, commented in a NSIA press release, “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.”
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