Shettima challenges the NSIA Board to drive Nigeria's economic growth through diversified investments and youth empowerment.
Vice President Kashim Shettima has called on the newly appointed Board of Directors of the Nigeria Sovereign Investment Authority (NSIA) to take proactive steps in diversifying the country’s investment portfolio.
This, he emphasized in a statement released by the State House, would help stimulate vital sectors of the economy, with NSIA playing a central role, particularly in supporting youth entrepreneurship and enhancing the real economy.
Shettima addressed the NSIA Board on Tuesday during a meeting at the Presidential Villa, Abuja, outlining the administration’s expectations and vision for the NSIA.
He compared Nigeria’s sovereign wealth fund to established global funds, urging the board to learn from their success in managing investments.
“Though we came to the game late compared to Norway, Qatar, and Saudi Arabia, the journey of a thousand miles begins with a step. It’s better late than never,” Shettima stated, acknowledging that Nigeria is still catching up but highlighting the immense potential for growth.
The Vice President reiterated the importance of the NSIA’s role in economic diversification, stressing its impact on agriculture.
“You have supported the nation through our agricultural revitalization efforts, especially in the procurement of agricultural inputs.
“I encourage you to maintain that momentum,” he urged, signaling the administration’s focus on food security and agribusiness.
Shettima also pointed out that the NSIA’s performance would be critical to the government’s wider economic agenda, including boosting local production and encouraging innovation in critical industries.
He stressed that collaboration among board members would be essential to achieving the country’s economic objectives.
“The moment you are working at cross purposes, we will not meet our goals and aspirations,” he warned, urging the board to remain unified in its efforts.
Shettima assured the NSIA Board of President Bola Tinubu’s full support, expressing the administration’s commitment to seeing the NSIA meet its goals.
His statement , according to the Senior Special Assistant to The President on Media and publicity, highlighted the agency’s significance in transforming Nigeria’s wealth and investing in projects that ensure long-term national development.
NSIA Called for Global Standards
Shettima’s remarks also included a challenge for the Nigeria Sovereign Investment Authorit to emulate sovereign wealth funds that have become global giants.
“Look at how the Norwegian, Qatari, and Saudi sovereign funds have grown. We must take inspiration from them and make strategic decisions that will benefit Nigeria in the long term,” he added, encouraging the board to make bold investments that can withstand global economic uncertainties.
He further emphasized the need for the NSIA to expand its investment horizons, stating that the board should not shy away from high-growth sectors that could drive both immediate and future returns.
NSIA Board’s Commitment
Responding to the Vice President, the Chairman of the NSIA Board, Mr. Segun Ogunsanya, expressed the board’s readiness to deliver on its mandate.
He highlighted the importance of maintaining the founding principles of the NSIA—transparency and accountability.
Also Read: VP Shettima: We Must Act Collectively to Tackle Unemployment, Empower Our Youth
“The principles upon which NSIA was founded remain unchanged. These are the pillars we will continue to uphold,” Ogunsanya stated, assuring the Vice President and the Nigerian public that the board remains committed to responsible management of the nation’s wealth.
He added, “We are here to ensure that both current and future generations benefit from our efforts.”
Ogunsanya acknowledged the NSIA’s duty to support the government during times of economic volatility, referencing the agency’s contributions during the COVID-19 pandemic when it made $150 million available to the government.
“Beyond preparing for the future, we also recognize our obligation to provide support during critical periods, just as we did in the past,” he said.
The chairman further explained that the board looked forward to submitting its latest audited financials to the National Economic Council (NEC) and presenting a detailed report of the NSIA’s activities.
He noted that this would include outlining the authority’s plans for future growth and the strategic investments it aims to make.
Strengthening Nigeria’s Economic Future
The Vice President’s call to action, as understood by experts, aligns with the government’s broader economic vision, which seeks to foster sustainability, job creation, and long-term economic stability.
With the NSIA playing a central role in managing and investing the nation’s wealth, the administration is pushing for the agency to not only safeguard Nigeria’s financial future but also contribute to immediate economic needs.
By focusing on critical sectors such as agriculture and youth entrepreneurship, Shettima’s directives place the NSIA at the heart of Nigeria’s economic transformation.
His remarks underline the administration’s belief that a diversified investment strategy, coupled with a commitment to national development, will help the country navigate both current and future economic challenges.
