Lagos State Governor Babajide Sanwo-Olu announced on Wednesday plans to establish a Sovereign Investment Fund aimed at strategic future investments.
This announcement was made during a courtesy visit by the Executive Management of the Nigeria Sovereign Investment Authority (NSIA), led by its Managing Director/CEO, Aminu Umar-Sadiq, at Lagos House, Marina.
Governor Sanwo-Olu urged the NSIA to consider investing in key Lagos State Government projects, including the Lekki Airport, Rail, Film City, and Food Logistics Hub.
“We, as a subnational, are planning to set up a Sovereign Investment Fund because we realize the importance of setting something aside for the future. It is always a prudent thing to do, and it is not out of place for subnationals to have funds working for today and for the future,” said Sanwo-Olu.
He highlighted the need for more medical facilities, mentioning the NSIA’s existing oncology center at the Lagos University Teaching Hospital (LUTH). “Lagos requires about four or five such facilities across the state. We are planning to support another investor to set up another one to meet the growing needs of our citizens and reverse medical tourism,” he added.
Sanwo-Olu also pointed to ongoing and planned projects in Lagos. “We have an airport project that we are pushing to get financial closure on. We also have a Film City in Lagos, a massive entertainment city that is the future of the creative industry. These are investments in Lagos that you might look at,” he stated.
NSIA Managing Director/CEO Umar-Sadiq explained that the NSIA is a legally established institution responsible for managing funds for the benefit of future generations of Nigerians. He revealed that last year, the fund achieved a total comprehensive income of approximately N1.6 trillion and core earnings of N200 billion.
Umar-Sadiq assured that the NSIA would continue to position itself as the preferred asset manager for both federal and state governments in Nigeria. “We will remain available for use by government actors at both levels and emphasize leveraging our services for the benefit of the Center of Excellence,” he said.
