The MOFI management team, led by the Managing Director of MOFI, Armstrong Takang, paid a courtesy visit to the Nigeria Sovereign Investment Authority (NSIA) on the 6th of February 2023to assess the foundations of MOFI's involvement with NSIA, review the status of the two entities, identify areas of collaboration, and take into consideration potential future business opportunities.
The NSIA, Nigeria Sovereign Investment Authority is an independent investment institution created to empower the Authority to receive, manage and invest funds in a diversified portfolio of medium and long-term assets on behalf of the Federal Government, State Governments,Federal Capital Territory, and Local Governments Area Councils. Simply put, its major function is to make investments that will build, provide, and sustain economic stability for all Nigerians.
It was concluded in the meeting that MOFI should exercise its authority in the following NSIA investments:
The Presidential Fertiliser Initiative (PFI): which aims to lessen the difficulties faced by Nigerian farmers by preventing the importation of blended fertilisers and supporting the production of domestic NPK fertiliser.
Presidential Infrastructure Development Fund: This initiative was established to fund critical road and power projects across the country. It is aimed at eliminating the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical infrastructure assets over the last few decades.
Kano Solar Project: To address a lack of electricity supply from the national grid, the Federal Government started building a solar power plant at Kumbotso, Kano State. A 10 megawatt solar power plant will be built and installed as part of the N4 billion crucial project, which will enable alternative energy production and supply for industrial consumption.
Family Homes Funds Limited: Family Homes Funds Limited (FHFL) is a social housing financing fund aimed at improving the quality of life of Nigerians on low income through the provision of affordable housing. The aim of the Fund is to provide long-term low-cost mortgage finance by raising capital from the private sector, multilateral agencies, and impact investors.
Funds for Agricultural Finance in Nigeria (FAFFIN): The Fund for Agricultural Finance in Nigeria is an innovative agriculture-focused private equity fund that provides tailored investment capital and technical assistance to high-growth, commercially attractive agricultural SMEs across all regions in Nigeria.
Development Bank of Nigeria: the bank exists to alleviate financing constraints faced by Micro,Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Given the mandate for MOFI to ensure all state-owned entities are professionally managed and positioned to achieve greater economic impact, the involvement of MOFI in the aforementioned federal government investments will undoubtedly result in an excellent return on investment for the Nigerian government.