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NSIA CEO executes NSE closing gong ceremony

The Chief Executive Officer (CEO) of Nigeria Sovereign Investment Authority (NSIA) Mr. Uche Orji visited the Nigerian Stock Exchange to sound the closing gong at the end of trading activities on Wednesday 18th May.

Orji while addressing stockbrokers and financial journalists at the ceremony commended the NSE management team and market operators for keeping faith in the market by introducing different classes of products, despite the global economic challenges facing nation.

Speaking on NSIA’s focus, he said that five key areas which includes, agriculture, healthcare, real estate, power, and toll roads will receive attention for the development of domestic infrastructure in the remaining part of 2016 unto 2017.

He also stated that because Nigerian spends a lot in medical tourism, the healthcare sector will see the constructions of five medical diagnostic centres and a specialist hospital in federal hospitals located in the six geopolitical regions in Nigeria, adding that works have commenced on the Second Niger Bridge, while the National Assembly are having a national stakeholders meeting on tolling policy.

On his part the Doyen of the day Mr Sam Ndata of Compass Securities Limited, urged the NSIA to bring parts of the funds to the market, especially the listable funds. The NSIA has three funds which includes, the Future Generations Funds (FGF) with 40 percent, the Nigeria Infrastructure Fund 40 percent (NIF) and the remaining 20 percent for the Stabilisation Fund (SF).

The NSIA is an agency of the Federal Government of Nigeria set up by President Goodluck Jonathan’s administration on May 28, 2011 to manage funds in excess of budgeted hydrocarbon revenues.

The sovereign wealth manager which commenced operations in October 2012 with an initial allocation of US$ 1Billion in seed capital is jointly owned by the three tiers of government. The Shareholders consist of the Federal Government of Nigeria, the 36 states and the FCT and all the Local Governments and Area Councils in the federation through a sharing arrangement that is consistent with national revenue sharing formula i.e 52.86%, 26.72%, and 20.60% respectively.

 

 

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