Inspite of Inflationary uncertainty, uneven recoveries and challenging economic environment dominating the world’s economic outlook, the Nigerian Sovereign Investment Authority(NSIA) has delivered N153.56bn as profit for the 2021 financial year.
Speaking during a virtual Earnings Report Presentation through Zoom, the Managing Director and Chief Executive Officer(CEO), Mr Uche Orji, said the Authority has been able to achieve this feat in its financial results due to it’s strategic resilience in the year under review.
The NSIA according to it’s financial Report, has consistently remained profitable for nine years in a row, closing the 2021 financial year with a core income of N100.8bn in 2021 compared to N109.6bn in 2020.
The Authority was able to achieve foreign exchange gains of N45.8bn in 2021 and N51.2bn in 2020, while the NSIA grew it’s Net Assets to 19.02 per cent, that is N919.73bn in 2021 compared to the N772.75bn realized in the year 2020.
The NSIA however recorded a marginal decline in total comprehensive income in 2021 by 82% to close the year with N147.9 billion in 2021 compared to N160.1 billion in 2020.
The Authority’s financial performance overview in the year under review, indicated that the Future Generation Fund (FGF) grew by 11.98 per cent to N976.868bn in 2021, the Stabilization Fund (SF) grew by 1.60 per cent representing N278.827bn, while the Nigeria Infrastructure Fund (NIF) grew by N962.778, representing 4.64 per cent.
According to the NSIA Earnings Report,the Fund reached major milestones across domestic infrastructure projects such as motorways, agriculture, healthcare, technology, gas industrialization among others.
In the area of agriculture, the NSIA stated that it produced over 12 million 50kg bags of NPK 20:10:10 equivalent in 2020, under its Presidential Fertilizer Initiative (PFI), increasing its cumulative production to over 30 million 50kg bags equivalent.
Adding that the number of blending plants increased to 44 from less than seven in 2017, the Authority also delivered over 19 million bags of fertilizer to farmers at 40 percent below market prices, while the number of local blending plants that participated in the PFI programme increased from 11 at the end of 2017, which is the first year of the programme to 51.
In it’s scorecard, 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 3,500Ha 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.
The NSIA has also recorded significant progress in the utilization of Future Generation Fund (FGF) and Stabilization Fund(SF) for enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress.
The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited.
The Authority’s mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people.
