Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NISA), Uche Orji has announced a profit of $44. 3 Billion in 2018 and $24 Billion so far in this year.
Briefing members of the National Economic Council (NEC), presided over by Vice President Yemi Osinbajo, at its meeting today, November 21, at the presidential Villa, Abuja, Uche Orji said that the profits were jointly made by the NSIA and its group.
“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.”
He said that the NSIA is focused on its infrastructure, funds agriculture, road, power, healthcare projects and industrialization.
“Within the toad 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 include the Mambila Hydro Power project and East-Ways Road. The NSIA also intends to deploy capital in expanding its health 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,
to be commissioned next month, and the Federal Medical Centre, Umahia through the same PPP. It will be finished 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 that it gets to completion and the revenue model will include tolling the roads as other opportunities to ensure that these roads are viable.”
After the presentation of the report, NEC resolved to invest an additional $250 into the NSIA.
Kaduna State Governor, Nasiru Ahmed el-Rufai was appointed to 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.
The committee will include the finance minister, the central bank governor and the managing director of the Nigeria Sovereign Investment Authority.
Meanwhile, members of the National Economic Council have unanimously voted for the injection of an additional US$250 million in core capital to the Investment Authority, bringing the total contribution to the Authority from the federation account to US$1.75 billion and represents the third contribution to the Authority from the current administration.
The Nigeria Sovereign Investment Authority, a corporate body established by the Nigeria Sovereign Investment Authority (Establishment, etc.) Act 2011, is mandated to manage funds in excess of budgeted hydrocarbon revenues. Its 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, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress. NSIA operates three mandate funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.