NSIA, Three Gulf, Eight African Sovereign Funds Seal Pact To Stimulate Investments

The Nigerian Sovereign Investment Authority, three Gulf sovereign wealth funds with nine African peers have signed a deal to promote investment on the continent.

The deal was signed in Rabat by Abu Dhabi’s Investment Authority and holding firm ADQ in addition to Kuwait’s Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF).

The platform brought together sovereign funds of Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco, Nigeria and Rwanda.

ASIF organizers gave no details on how exactly the Gulf funds will support their African counterparts.

“ASIF will enable us to explore new opportunities with potential partners in Africa for ADQ and its portfolio companies,” the ADQ CEO Mohamed Hassan Alsuwaidi said.

The Chief Executive Officer of African Sovereign Funds taking part at the event said the focus for ASIF will be on mobilizing capital and equity, promoting green projects and investing in logistics to improve interconnectivity within the continent.

The African sovereign funds which signed the deal include Morocco’s Ithmar Capital, Nigeria Sovereign Investment Authority, Ghana Infrastructure Investment Fund, Gabon’s FGIS, Rwanda’s AGACIRO, Angloga’s Fundo Soberano, the Sovereign Fund of Egypt, Senegal’s FONSIS and Djibouti’s Sovereign Fund.

The NSIA is an investment institution of Nigeria set up in 2012 to manage funds in excess of budgeted hydrocarbon revenues.

Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilization support in times of economic stress.

The NSIA operates three mandate funds. They are the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund.

Amidst the challenging operating environment which has tested the resilience of institutions and businesses globally, the NSIA has continued to weather the storm as it posted its nine consecutive year profit of N153.56bn in the 2021 financial period.

In spite of a tough and volatile market, the NSIA’s investment strategy has proved to be resilient, and this has enabled the Authority to deliver favourable outcome as shown by the 2021 financial statement