The Nigeria Sovereign Investment Authority (NSIA) has established a partnership with Old Mutual Investment Group (OMIG) of South Africa to co-invest $700m in real estate and agriculture development projects.
Premium Times reported that the NSIA, which is managing Nigeria’s sovereign wealth fund, said at the agreement signing ceremony in Abuja, that $500m would go into real estate, while $200m would be for agriculture development.
On agriculture, managing director/CEO of NSIA, Uche Orji said, the Nigerian investment agency’s commitment would be $25m, with matching capital of about $50m from OMIG, and additional capital of about $150m expected from third party investors, raising the final funding to $200m.
He said the agriculture investment will be managed in conjunction with OMIG subsidiary, UFF African Agri Investment (UFF) and would focus on primary production, processing, and logistics, as an important social investment component, in rural development, food security, import substitution, and other areas within the sector beneficial to Nigerians.
UFF is a specialist advisor in agriculture investments in Africa, providing expertise in both production (farmland) and investment within the sector.
