Shettima Urges NSIA Board To Diversify Nigeria’s Investment Portfolio For Economic Growth

Vice President Kashim Shettima met has urged the newly appointed Board of Directors of the Nigeria Sovereign Investment Authority (NSIA) to diversify the country's investment portfolio to improve important sectors of the economy.

During a meeting at the State House in Abuja on Tuesday, Shettima reminded the board members that they were responsible for managing the nation's wealth on behalf of the Nigerian people, before sharing the government's vision for the NSIA and comparing it to more established sovereign wealth funds.

The vice president also discussed the NSIA's past achievements and future plans, assuring that the agency's core principles would remain unchanged during his tenure as chairman.

"The principles upon which NSIA was founded will remain unchanged – the principle of transparency, of accountability. These are the two pillars upon which NSIA was founded, and that is what I am committing to, on behalf of my colleagues at the Board of Directors," he said, as per the official statement issued on X.

"We are here to make sure that the current generation and the future generation have something we are going to leave behind for them. We are here to make sure we give benefit to the economy, give benefit to the current citizens and the future citizens."

The vice president acknowledged that Nigeria was late in starting its sovereign wealth fund compared to countries like Norway, Qatar and Saudi Arabia, but he noted that every long journey began with a single step, emphasizing that it was better to start late than not at all.

He highlighted the importance of supporting the real economy, especially through the NSIA's efforts in revitalizing agriculture. He mentioned that the NSIA has been helping the nation by providing agricultural inputs and urged them to continue this important work.

Assuring the board of President Bola Tinubu's full support in reaching national goals, the vice president stressed the need for teamwork. Shettima warned that if the board members worked against each other, they would not achieve their goals and aspirations.

Chairman of the NSIA Board of Directors Segun Ogunsanya explained that the meeting was necessary for the board members to introduce themselves to the vice president.

He thanked Shettima and the other members of the National Economic Council (NEC), expressing appreciation for the trust the Council has placed in the board. Ogunsanya mentioned that the NSIA Board of Directors was eager to submit their most recent audited accounts to the NEC.