Vice President Kashim Shettima has tasked the newly appointed Board of Directors of the Nigeria Sovereign Investment Authority (NSIA) with expanding the country’s investment portfolio to bolster key sectors of the economy.
Addressing the board members, Shettima emphasised their critical responsibility as stewards of Nigeria’s collective wealth. According to his spokesperson, Stanley Nkwocha, the Vice President delivered this message during a meeting with the NSIA board at the Presidential Villa in Abuja on Tuesday.
Shettima articulated the administration’s strategic vision for the NSIA, drawing parallels with more established sovereign wealth funds.
Acknowledging Nigeria’s delayed establishment of such a fund, he said, “The Norwegian, Qatari, and Saudi Arabian funds had a head start, but the journey of a thousand miles begins with a single step. It’s better late than never.”
The Vice President also underscored the importance of supporting the real economy, with particular emphasis on the NSIA’s role in revitalizing agriculture.
“You have been supporting the nation in our agricultural revitalisation endeavours, especially in the purchase of agricultural inputs. I want you to sustain that tempo,” he urged.
Vice President Shettima assured the board of President Bola Tinubu’s unwavering support in fulfilling national goals, highlighting the importance of teamwork in achieving these aspirations.
“The moment you are working at cross purposes, we will not meet our goals and aspirations,” he cautioned.
Segun Ogunsanya, Chairman of the NSIA Board of Directors, explained that the visit was essential for the Board members to formally introduce themselves to Vice President Shettima.
He expressed gratitude to the Vice President and the National Economic Council (NEC), acknowledging the trust the Council has placed in the Board.
Ogunsanya further noted that the Board was preparing to submit its most recent audited accounts to the NEC.
He highlighted the achievements of the NSIA, outlined its plans, and assured that the founding principles of the institution would remain unchanged under his leadership.
He noted: “The principles upon which NSIA was founded will remain unchanged – the principle of transparency, of accountability. These are the two pillars upon which NSIA was founded, and that is what I am committing to, on behalf of my colleagues at the Board of Directors.
“We are here to make sure that the current generation and the future generation have something we are going to leave behind for them. We are here to make sure we give benefit to the economy, give benefit to the current citizens and the future citizens.
“Beyond preparing for the future generation, we also know that we must support the government during volatile times. We’ve done that in the past during COVID-19; we did make $150 million available to the government at that time.”
