From Uche Usim, Abuja
Hopes of achieving quicker infrastructure renewal in Africa waxed strongly on Wednesday as the Nigeria Sovereign Investment Authority (“NSIA”), manager of Nigeria’s sovereign wealth fund, and Z Capital Group (“ZCG”), a leading private markets asset manager, announced a joint venture partnership to establish a fund focused on vast infrastructure investments in Africa.
Both parties have signed a Memorandum of Understanding (“MoU”) to this effect. This strategic collaboration offers the opportunity to leverage the unique economic and financial opportunities that are currently burgeoning within the African continent.
Under the MoU, ZCG and NSIA will pursue equity, debt, and other blended financial instruments for investments across diverse sectors, including, but not limited to, healthcare, renewable energy, mobility & logistics, energy transition, climate-adaptive infrastructure, digital & social infrastructure, climate-smart agriculture, and green industrialization.
James Zenni, Founder, President, and Chief Executive Officer of ZCG said: “We are pleased to expand our long-standing relationship with the NSIA through this unique partnership that will support our shared investment and socio-economic goal.
“Given Africa’s rapidly expanding population and its increasing cultural and political influence on a global scale, we see many appealing infrastructure investment opportunities across the continent. We look forward to combining our investing, consulting, and technology expertise with NSIA’s deep expertise in managing large-scale infrastructure projects across multiple verticals as well as pivotal stakeholder relationships to identify and invest in assets that further drive economic development throughout the continent.”
Also speaking, Aminu Umar-Sadiq, Managing Director, and Chief Executive Officer of NSIA said the firm was pleased to partner with ZCG on the joint venture that will enable both parties pursue compelling investment opportunities in Africa.
“ZCG shares our vision of fostering continued economic growth and innovation across Africa, ZCG also shares our focus on investments in climate adaptive infrastructure to meet the needs of current and future generations of Africans. In collaboration with ZCG, we can deepen existing investments to further support Africans and play a leading role in propelling sustained socio-economic development across Africa”, he said.
The ZCG-NSIA partnership signifies a significant step toward sustainable and impactful infrastructure investments in Africa, reflecting a shared commitment to economic development, innovation, and climate resilience in the region. This collaboration marks a pivotal moment showcasing NSIA as a partner of choice in leveraging opportunities that align with the African continent’s momentum and upward trajectory in the global economic arena.
The MoU establishes a strategic partnership between ZCG and NSIA, facilitating collaborative efforts in identifying, developing, and implementing infrastructure projects in Africa.
Both parties share a common vision of contributing to the economic growth and social development of African economies through investments in critical infrastructure projects. Aligned with NSIA’s core mission, the partnership aims to contribute to sustainable economic growth, foster innovation, and address key developmental challenges across the African continent.
The joint venture will capitalize on the complementary expertise of NSIA and ZCG, combining technical expertise, project management skills, and a deep understanding of the local context to deliver successful infrastructure solutions.
The joint venture will prioritize environmentally sustainable and socially responsible practices, aligning with global standards and best practices to ensure long-term benefits. ZCG and NSIA will seek projects that deliver scalable socio-economic impact in Africa, while also generating attractive investment returns and diversification opportunities.