President Muhammadu Buhari has inaugurated a new board of the Nigeria Sovereign Investment Authority (NSIA), and urged the newly appointed board to focus on his administration’s economic diversification agenda.
The President inaugurated the third Board of the NSIA at the Presidential Villa, Abuja on Wednesday, according to the News Agency of Nigeria.
Buhari cited global oil price projections, which are expected to be around $40 per barrel by 2030, as a necessity for Nigeria’s economic diversification, adding that his administration was committed to long term economic development for Nigeria.
What the President said
The President said, “This Government operates on the agenda for long term change, which we all agree is inevitable. Change happens whether you are ready for it or not.
“As representatives of the Federation, you are required to continue to drive the performance of the Authority to deliver benefits to all Nigerians.
“You must bear in mind that the National Economic Council, your Governing Council and Nigerians as a whole will hold you accountable for this mandate.
“Periodically, you will be required to provide evidence of your stewardship at the Governing Council Meetings where your performance will be assessed.”
Buhari informed the committee that the bar set before them was very high and the Presidency was counting on them to deliver.
“If you do, I assure you that Government and indeed all Nigerians will be unflinching in their support for you.
“The immediate past Board guided the organisation through a critical stage of its existence and have left it standing as a credible world class institution that turns out consistently good results.
“This Administration took the very difficult decision to invest for the long term. We avoided taking short cuts knowing very well that the full impact of most of the projects we started will only be felt long after we have left office,” he added.
He revealed that the NSIA was on strategic infrastructure projects such as the Second Niger Bridge, the Lagos–Ibadan Express Way and the Abuja–Kano Road.
Buhari disclosed that the Federal Government was collaborating with the private sector to deliver projects such as the Presidential Fertiliser Initiative, the Presidential Artisanal Gold Mining Initiative and the NSIA Healthcare Development and Investment Company, amongst many.
The new Board members are Farouk Mohammed Gumel (North West) as Non-Executive Chairman; Babatunde Sobamowo (South West), Non-Executive Director; and Isiekwena Ikemefuna Louis (South South) Non-Executive Director.
Others are Ali Goni Kadugum (North East), Non-Executive Director; Oniyangi Kabir Sulaiman (North Central), Non-Executive Director; and Ike Chioke (South East), Non-Executive Director.
In case you missed it
- Recall Nairametrics reported in July that the Nigeria Sovereign Investment Authority (NSIA) stated it was confident that the Second Niger Bridge would be completed by 2022.
- This was disclosed by Uche Orji, NSIA’s Managing Director, who said that the Presidential Infrastructure Development Fund (PIDF), managed by NSIA, was set up in 2018 with the aim of finalizing projects that were experiencing financing delays. The projects include the Second Niger Bridge, Abuja-Kaduna-Kano, Lagos-Ibadan Expressways and the Mambilla Hydro-power project.
- He also revealed that the Federal Government owned 45.8 % of the NSIA, State Governments own 36.2%, Local Governments owned 17.8%, and the FCT owned 0.16%.