NSIA indicates interest to revive Ajaokuta Steel, others

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Uche Orji | Chief Executive Officer of the Nigerian Sovereign Investment Authority (NSIA)

The Nigeria Sovereign Investment Authority says it is interested in reviving the Ajaokuta Steel Company. Apart from the Ajaokuta Steel Company, the agency is also interested in reviving other moribund assets to enable the country to reap the benefits of the huge investments the government had made in them.

The Managing Director, NSIA, Mr. Uche Orji, said these in Abuja at the 2019 Leadership Forum Series. He added that the authority was also looking at investing in the Nigeria House in London to make it more commercially viable. Orji said the investment pattern of the authority was determined by its importance to the entire country, the ability to attract handsome returns on investment and ability to attract co-investors.

He said while the NSIA was interested in some of the assets, it was currently constrained by funds available at its disposal for investments. Orji said unlike countries such as Norway, Saudi Arabia and others which had large pool of investible funds in their sovereign wealth funds, the NSIA had just about $1.7bn.

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