22nd November, 2019
The Nigeria Sovereign Investment Authority (NSIA) realized N68.3 billion as profit between Jan. 2018 and June 30, 2019.
As a sign of confidence, National Economic Council on Thursday resolved to invest an additional $250 million into the wealth fund.
The resolution was among other decisions taken at the 99th meeting of the council chaired by Vice President Yemi Osinbajo, SAN, in Abuja.
NEC is composed of the 36 State Governors, CBN Governor, the FCT Minister and other Federal Government representatives.
The Managing Director/Chief Executive Officer of NSIA, Mr Uche Orji, spoke on the profitability of the Fund and its plans at the end of the National Economic Council (NEC), meeting presided over by Vice-President Yemi Osinbajo, at the Presidential Villa, Abuja, on Thursday.
(Listen to Orji:
Orji said N44.3 billion was realized in 2018, while the remaining N24 billion was generated between January and June 30, 2019.
“In summary, the NSIA and its group made a profit total of N44.3 billion in 2018 and so far in 2019 as at the first six months period ended, the NSIA has updated the council that they have made a profit of N24 billion so far.
“This is achieved in the face of a volatile international market environment driven by the trade dispute between the United States and China as well as Brexit challenges.
“In a review of the activities of the NSIA, the NSIA is focused on its infrastructure fund on agriculture, road, power, healthcare projects and gas industrialisation.’’
According to him, within the road sector, the NSIA as the manager of the Presidential Infrastructure Development Fund (PIDF) is focused on deploying capital to ensure the completion of the second Niger Bridge, Abuja-Kano Highway and Lagos-Ibadan Expressway.
Other projects under the PIDF, he said, included the Mambila Hydro Power project and East-Ways Road.
He announced that the NSIA also intended to deploy capital in expanding its healthcare projects, following a successful implementation of its cancer treatment project through Public-Private Partnership (PPP) with LUTH as well as a Diagnostic and Radiology Centre in Aminu Kano Specialist Hospital.
Orji revealed that Kano Diagnostic and Radiology Centre would be inaugurated in December.
He also assured that the Federal Medical Centre Umuahia PPP project would be completed in the first quarter of 2020.
“To facilitate this, the NSIA will create co-investment fund to bring other investors into these projects to ensure their completion and the revenue model will include tolling the roads as other opportunities to ensure that these roads are viable.
Orji also disclosed that NEC had resolved the following: “One, to invest an additional 250 million dollars into the NSIA.
“Second, that the governor of Kaduna State should chair a committee of the National Economic Council to consider how a portion of the Pension Fund can also be leveraged into investment in the NSIA with possible implementation with PenCom.’’
He said the committee would include the Minister of Finance, the Governor of the Central Bank of Nigeria (CBN) and the managing director of the Nigeria Sovereign Investment Authority.