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NSIA Grows Income To N160bn

Oluwasina Phillip

Nigeria Sovereign Investment Authority (NSIA), the agency saddled with the mandate of managing the country’s sovereign wealth fund, says it posted 343 percent growth in total comprehensive income in 2020.

In its 2020 audited financial statement released on Tuesday, the investment institution said it grew income from N36.15 billion in 2019 to N160.06 billion in 2020.

NSIA attributed the performance to its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.

According to the financial report, NSIA recorded N109 billion as core income compared to N33.07 billion recorded in 2019, excluding devaluation gain of N51 billion.

Excluding devaluation gain of N51bn, core income of N109bn was recorded in 2020 compared to N33.07bn in 2019.

The NSIA also received additional contribution of $250m; and provided first stabilization support to the Federal Government where $150m was withdrawn from Stabilisation Fund.

Speaking at a briefing to present the financial performance, the Managing Director of the NSIA, Mr. Uche Orji said the Authority received $311m from funds recovered from the late General Abacha from the US Dept of Justice and Island of Jersey.

This amount, he stated, was deployed towards the Presidential Infrastructure Development Fund projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and Second Niger Bridge.

He said Covid-19 adversely affected logistics around infrastructure projects especially the toll road projects and the presidential fertilizer initiative.

In response to Covid-19, he said that the NSIA partnered with Global Citizen a not-for profit group to form the Nigeria Solidarity Support Fund.

Separately, he noted that the NSIA acquired and distributed oxygen concentrators to the 21 teaching hospital as part of corporate social responsibility; in addition to staffing support to the Presidential taskforce on Covid-19.

On the performance of the Nigeria Infrastructure Fund, the NSIA CEO said the Authority reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, and healthcare.

For instance, in the area of Healthcare, he said the Authority operationalised the NSIA-Kano Diagnostic Centre; operationalised the NSIA-Umuahia Diagnostic Centre and Commissioned Administrative and Training centre for the NSIA-LUTH Cancer Centre.

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