Press Release

NSIA Announces Audited Financial Results for 2021 Financial Year

May 23, 2022 –

The Nigeria Sovereign Investment Authority (“NSIA” or “The Authority”), manager of Nigeria’s sovereign wealth fund, today announces its audited results for the 2021 financial year. The strong financial performance underscores the resilience of the NSIA’s investment strategy and the quality of its earnings given the challenging macro environment.

Highlights of NSIA’s activities and performance during the period are as follows: NSIA recorded 9th year of continuous earnings in spite of volatility and cyclical risks across markets. The Total Comprehensive Income of N147.0 billion in 2021 a decline of 8.2%  relative to 2020 at N160.1 billion; inclusive of FX gains of (N45.8 billion in 2021 and N51.2 billion in 2020). Total operating income - Core income (exclusive of FX gains) of N100.8 billion in 2021, down 8.0% compared to 109.6 billion in 2020.

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Kasi Cloud Ltd. Breaks Ground in Lagos, Nigeria on New Hyperscale Data Center

April 19, 2022 –

Lagos, Nigeria – Nigerian company Kasi Cloud Ltd. (Kasi), the next-generation interconnection and data center platform for hyperscale and enterprise cloud, is delighted to announce that it held a groundbreaking ceremony in Lekki, Lagos on April 19, 2022 to signal the beginning of construction on the company’s first of several planned data center campuses in Nigeria. Kasi’s hyperscale data center and interconnection solutions flag-off the commencement of a critical, new generation digital infrastructure platform that will be constructed in the heart of Lagos, Nigeria.

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PIDF donates security vehicles to the Nigeria Police Force for the Abuja-Kano Road Project

March 29, 2022 –

Following a directive from President Muhammadu Buhari, the Presidential Infrastructure Development Fund (“PIDF”) working through the Nigeria Sovereign Investment Authority (“NSIA” or “the Authority”) has donated 16 fully equipped operational security vehicles to the Nigeria Police Force to further protect lives and property along the 165km stretch of the ongoing Abuja – Kano Road (“AKR”) construction project. The vehicle model donated is the 2022 edition of Innoson Motor’s 5 - Seater Double Cabin Pick Up trucks called IVM Carrier 4WD (full option). The trucks have all been retrofitted with security and communications gadgets as specified by the police force.

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Federal Government of Nigeria appoints another Non-Executive Director to the Board of the NSIA

January 10, 2022 –

His Excellency, President Muhammadu Buhari, has approved the appointment of Dr. Ogechi Paschal-Ejiogu to the Board of Directors of the Nigeria Sovereign Investment Authority, effective Thursday, January 6th, 2022. She replaces Mr. Ike Chioke, the former appointee for the South-East region of Nigeria, who following his appointment in 2021, had respectfully requested to be relieved of Board duty at the NSIA as his firm was appointed to support government in another role.

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NSIA Announces Partnership with REA

December 23, 2021 –

The Nigeria Sovereign Investment Authority (NSIA) is investing in the Off-Grid renewable space in partnership with the Rural Electrification Agency (REA). The Solar Power Naija Program is being launched under the Buhari Administration’s Economic Sustainability Plan (“ESP”) and supervised directly by the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo.

The NSIA-REA partnership will see the NSIA creating an initial revolving fund of ~N10 billion for qualified developers to distribute and manufacture Solar Home Systems. The fund will be accessible by Nigerian Electrification Program qualified developers under the existing REA and World Bank scheme that guides technical qualification and provides grants for developers to invest and participate in Off-Grid Electrification projects. The REA under the Ministry of Power will provide technical and advisory support to the NSIA as it rolls out the program.

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