Nigeria Sovereign Investment Authority posts N153.56bn profit in 2021

The Nigerian Sovereign Investment Authority (NSIA) again posted a profit of N153.56bn in the year 2021 to record a nine year of consecutive gain.

 

The Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji gave the figures at the annual earnings report presentation by the Authority.

 

Orji noted that despite the weak economic downturn and challenging operating environment which has tested the resilience of institutions and businesses globally, the Authority achieved a 19.02 per cent growth in Net Assets to N919.73bn in 2021 from the N772.75bn recorded in the preceding period of 2020.

 

Orji said the Authority got core income of N100.8bn in 2021 compared to N109.6bn in 2020 under the Nigeria’s Sovereign Wealth Fund which excludes foreign exchange gains of N45.8bn in 2021 and N51.2bn in 2020.

 

The Authority recorded marginal decline of 8.17 per cent in Total Comprehensive Income from N160.06bn in 2020 to N146.98b in in 2021.

 

Speaking on infrastructure, Orji hinted that the NSIA achieved major milestone in the agriculture, health, road and technology and industrialization sectors.

 

In specific terms under the Presidential Fertilizer Initiative (PFI), the Authority produced over 12 million 50kg bags of NPK 20:10:10 equivalent in 2020, bringing total production since inception to over 30 million of 50kg bags equivalent.

 

The number of participating blending plants increased to 44 from less than seven at inception in 2017.

 

Similarly, over 19 million bags of fertilizer have been delivered to farmers at 40 per cent below market prices, while the number of local blending plants that participated in the PFI program increased from 11 at the end of 2017, which is the first year of the program to 51.

 

The NSIA-UFF $200m agriculture fund is engaged in the two-phase development of an animal feed processing business with backward integration through the farming of maize and soybean on about 3,500 hectares of land in Panda, Nasarawa State (“Project Panda”).

 

Approximately, 96 per cent (720ha) of the targeted 750ha of center pivot irrigation coverage has been achieved.

 

In the area of technology, the NSIA said it has invested about $12m in early stage, venture capital fund managers focused on the African technology space

 

Gas Industrialization

 

Under its gas industrialization initiative, the Authority made significant progress on developing the Ammonia and Di-Ammonium Phosphate production plants in partnership with OCP.

 

Implemented by the NSIA under the Presidential Infrastructure Development Fund (PIDF) are the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway which have reached 66 per cent, 53 per cent and 66 per cent completion, respectively.

 

The target completion date for the first two projects is 2022 with 2025 set as the target date for the original scope on Abuja-Kaduna-Kano Highway.

 

The Authority also commenced operations at both the NSIA-Kano Diagnostic Centre and NSIA-Umuahia Diagnostic Centre in March and August of 2020 respectively.

 

It has also developed an Active Pharmaceutical Ingredient Manufacturing Plant (API) Company in Nigeria as well as commence the development, construction and operationalization 23 new modern medical diagnostic centers of excellence across all 6 geopolitical zones in the country, 2 Oncology centres in Enugu and Kaduna states and 6 Cath Labs.

 

This has helped to create access to quality healthcare for at least one million patients per annum, the Authority said.

 

The Authority has also expanded its footprint of diagnostic and single specialty centres and delivered $0.6m worth of Covid-19 relief equipment to Federal Tertiary Medical Institutions across all six geo-political zones in response to efforts to combat and prevent resurgence of Covid-19 virus.