Latest news with #NigeriaSovereignInvestmentAuthority
Bloomberg
20-05-2025
- Business
- Bloomberg
Nigeria Sovereign Wealth Fund CEO: "The US Is the US"
Aminu Umar-Sadiq, Nigeria Sovereign Investment Authority MD & CEO said "the US is the US" when speaking to BTV's Joumanna Bercetche and Jennifer Zabasajja at the Qatar Economic Forum in Doha. When asked about the fund's future, he explained how for their long portfolio they have pivoted away from the US to Japan, Australia, and Europe for the purposes of diversification, insisting there were no "political considerations" during their decision. (Source: Bloomberg)
Yahoo
21-04-2025
- Business
- Yahoo
Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users
Nigeria has achieved a 35% reduction in electricity subsidies after last year's tariff increase for certain consumers, as announced by Power Minister Adebayo Adelabu, reported Reuters. The country, which is Africa's most populous, has been grappling with a power sector plagued by an unreliable grid, gas shortages, and financial challenges. Nigeria was previously allocating nearly N200bn ($125.01m) monthly to electricity subsidies due to non-commercially viable tariffs. The government's decision to remove subsidies for the top 15% of electricity consumers, encompassing both households and businesses with high consumption rates, has led to a substantial financial turnaround. During a press briefing in Abuja, Adelabu highlighted the positive impact of the targeted tariff adjustment with "the market generating an additional N700bn in revenue, reflecting a 70% increase.' This strategic move has not only alleviated the financial burden on the state but also contributed to improved power generation and a reduction in the government's tariff shortfall from N3tn to N1.9tn. Despite these advancements, Nigeria's power sector continues to face significant challenges. With an installed capacity of 13GW, the country often produces just one-third of this potential, leading to a heavy reliance on expensive alternative power sources. The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have recently introduced the $500m Distributed Renewable Energy (DRE) Nigeria Fund. The fund is designed to support the development and financing of DRE projects within Nigeria. It will concentrate on investments in mini-grids, solar home systems, commercial and industrial power solutions, embedded generation projects, and innovative energy storage technologies. The goal is to deliver more reliable and cost-effective power to Nigerian homes and businesses, furthering the country's journey towards energy sustainability. "Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
21-04-2025
- Business
- Zawya
Nigeria: NSIA showcases strategy behind subsidiary growth
The Nigeria Sovereign Investment Authority (NSIA) has unveiled the strategic framework behind its successful portfolio expansion, highlighting governance, innovation, and capital mobilisation as the cornerstones of its subsidiary development. Speaking at the NSIA's 2024 Earnings Presentation and media engagement in Abuja, Managing Director and CEO, Aminu Umar-Sadiq, said the institution's decade-long effort to build and nurture a diverse portfolio of subsidiaries has positioned it as a key driver of economic transformation in Nigeria. 'Our approach is rooted in strong governance, robust risk management, and a solid operational focus. These principles have allowed us to optimise performance while staying aligned with our long-term objectives,' Umar-Sadiq noted. He outlined six strategic pillars underpinning NSIA's investments: Capital Formation, Strategic Impact Investment, SME Development, Direct Investments, Ecosystem Development, and Capital Mobilisation. Through initiatives such as the Nigeria Infrastructure Debt Fund (NIDF), Carbon Vista, and the Green Guarantee Company (GGC), the NSIA has catalysed capital and de-risked projects across sectors like housing, healthcare, finance, agriculture, and renewable energy. On capital mobilisation, the NSIA boss revealed that several of its platforms have significantly outperformed initial expectations. 'We started with $25 million and now have over $300 million in attracted capital — not including tier-two capital,' he said. 'Currently, we have about $500 million in committed capital and over $1 billion in total capital attracted across our projects.' Notable investments include the Nigeria Mortgage Refinance Company (NMRC), which is in talks with a major Development Finance Institution (DFI), and a pending oncology investment close to securing tier-one DFI support. Umar-Sadiq also stressed the need to localise solar panel production amid Nigeria's expanding renewable energy market. Commenting on the federal government's restriction on solar imports, he said: 'With the proliferation of solar projects nationwide, there's a compelling need to domesticate solar panel manufacturing.' To that end, NSIA has launched the Renewables Investment Platform for Limitless Energy (RIPLE) — a $500 million initiative focused on developing the full value chain of renewable energy. The platform covers solar panel and battery manufacturing, as well as diesel displacement initiatives and franchised energy models. 'Ripple is our current pride and joy,' he stated. 'It's our bold step toward achieving energy security and sustainability, with projects like the co-located solar initiative at Shiroro showcasing our commitment.' With a diverse portfolio, clear vision, and strong partnerships, the NSIA continues to play a pivotal role in Nigeria's long-term economic resilience and inclusive growth.
Yahoo
09-04-2025
- Business
- Yahoo
Government makes unprecedented $500 million move to jumpstart power supply: 'Game-changer'
According to an Innovation Village report, Nigeria may be heading toward a cleaner and brighter future. The Nigeria Sovereign Investment Authority (NSIA) is partnering with several sustainability-focused groups to launch the $500 million Distributed Renewable Energy (DRE) Nigeria Fund. This initiative aims to fund and expand Nigeria's distributed renewable energy projects through customized financial instruments, including investments from the private sector and domestic investments like funds from insurance companies and pensions. While Nigeria is rich in renewable energy resources, financial and regulatory hurdles have impeded development. Through the DRE Nigeria Fund, the NSIA and its collaborators hope to address these challenges and create a more sustainable financial ecosystem for clean energy projects in the country. Nigeria holds significant potential for clean energy solutions, yet over 85 million people in the country don't have access to electricity, according to the World Bank. The initiative will focus on investing in renewable energy projects like mini-grids, energy storage technologies, and solar home systems to make power more accessible and reliable for Nigerian residences and businesses. "With the DRE Nigeria Fund, we are creating a scalable model to attract global investments, drive industrial development, and enhance energy access for millions of Nigerians and Africans at large," said Aminu Umar-Sadiq, managing director and CEO of NSIA. The DRE Nigeria Fund is just the beginning. Similar country-specific funds are also expected to be established under the broader DRE Africa Platform. Inspired by the Nigeria fund, it aims to promote the growth of renewable energy projects in multiple nations across the African continent. The DRE Nigeria Fund and DRE Africa Platform both align with the global shift toward sustainable, resilient energy solutions. With the success of these initiatives, Nigeria is positioning itself as a leader in Africa's transition to clean energy. This can get the attention of global investors who see the long-term profitability of supporting sustainability-focused projects. What does this mean for investors? As the world transitions to a cleaner economy, more investment and growth opportunities for individual investors and the U.S. market emerge. Investors are already beginning to recognize the potential of clean energy and that sustainability-focused businesses are outperforming dirty fuel stocks in long-term growth. Despite past criticisms of ESG investing as greenwashing, clean energy solutions like this one show that the clean economy remains strong and financially smart. "This is a strong partnership with solid partners that can be a game-changer in accelerating investment in distributed renewable energy across Africa," said Africa50 CEO Alain Ebobisse, per Innovation Village. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
