NSIA declares N46.5b profit for 2018

The Nigeria Sovereign Investment Authority (NSIA), managers of the Sovereign Wealth Fund, says it made a profit of N46.5 billion in 2018.

The Managing Director, NSIA, Mr Uche Orji, made this known on Monday in Abuja while addressing the newsmen on the financial performance of the agency in 2018.

The presentation made by Orji showed that the profit of the authority had more than doubled when compared with the N22.55 billion recorded in the 2017 financial year.

Orji said: “Despite concerns over international trade flows, slow growth in key economic indicators and increased volatility across the financial market, the Authority’s investment strategy proved robust.

“Total comprehensive income, including the impact of foreign exchange gains, was N44.34 billion which shows an increase from the N27.93 billion recorded in 2017.

“Also, total assets recorded a growth of 16 per cent to N617.7 billion at year end, showing an increase when compared to the N533.88 billion of 2017.

“The return on capital employed on the core funds of the NSIA is as follows; Stabilisation Fund, 7.2 per cent, Future Generation Fund, 8.3 per cent and Nigeria Infrastructure Fund, 7.7 per cent,” he said.

Giving a review of the Authority’s activities, Orji said the NSIA was helping to reduce input-induced food price inflation through the Presidential Fertiliser Initiative (PFI).

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He said that under the PFI in 2018, an additional 5.5 million bags of NPK 20:10:10 fertiliser was produced and sold in Nigeria bringing the total project output from inception to date at over 12 million bags.

In addition, Orji said that the NSIA disbursed 650 million dollars for infrastructure construction projects under the Presidential Infrastructure Development Fund (PIDF)

Some of the projects include the Lagos-Ibadan Expressway, Second Niger Bridge; and the Abuja-Kaduna-Zaria-Kano Road.

Orji said that till date, the NSIA had disbursed N77.6 billion under the PIDF programme.

He said other projects being undertaken under PIDF included Mambilla Hydro-Power Project and East-West Road.

The NSIA boss also described as successful, the NSIA investment in the health sector, which had led to the establishment of a world-class cancer centre at Lagos University Teaching Hospital.

He said that the Cancer Centres at Aminu Kano Teaching Hospital and Federal Medical Centre Umuahia would be commissioned in the second quarter, 2019.

Orji said that going forward, the Authority would increase its focus on domestic infrastructure projects, especially in agriculture, healthcare and infrastructure enabling financial institutions.

“The deployment of the Presidential Infrastructure Development Fund will play a key part of our infrastructure investment strategy for the year.

“ Healthcare remains a focus area going forward with the implementation of the next phase of diagnostic and treatment centres.

“The Board has also approved Gas industrialisation as an area of focus. Increased focus and capital deployment in Infrastructure is likely to affect future returns,” he said.

The NSIA boss also used the opportunity to clarify allegations on the illegal employment of Aisha Abba Kyari, who is the daughter of President Buhari’s Chief of Staff as an Assistant Vice-President at the Authority.

Orji said Aisha’s selection for the post was based on her academic qualifications, international and local work experiences.

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