NSIA Chairman seeks $1b infrastructure fund, stronger domestic capital mobilization
Chairman of the Nigeria Sovereign Investment Authority (NSIA), Segun Ogunsanya, has called for stronger mobilization of domestic capital to finance Nigeria’s infrastructure deficit, while disclosing that the agency is anchoring a US$1bln infrastructure fund in partnership with international development institutions.
Speaking at Day 2 of the Invest Lagos 3.0 Summit, Ogunsanya stressed the need to expand local participation in long-term infrastructure financing, arguing that Nigeria can no longer depend predominantly on external funding and development finance institutions (DFIs).
According to him, significant pools of capital remain untapped within the country’s financial system, particularly from pension funds, insurance firms and the banking sector. “I would like to see a deeper level of local capital formation. I have seen a lot of emphasis on DFIs and the money coming in from outside the country. But if you look deeply, we need to find ways of harnessing local capital, capital from pension funds, capital from insurance companies and capital from banks,” he said.
Ogunsanya noted that domestic institutional investors represent a sustainable source of long-term financing that can be structured to support infrastructure projects through well-designed public-private partnership (PPP) arrangements.