Northern Nigerian Breaking News

Osinbajo, Governors laud NSIA with impressive performance posted despite economic challenges

The National Economic Council (NEC) headed by Vice President Yemi Osinbajo has lauded the Nigerian Sovereign Investment Authority (NSIA) for posting a positive result in the 2021 financial period despite the harsh operating environment.

Solacebase reports that NEC which is made up of all the Governors of the 36 states commended the NSIA board and management for “a credible performance despite the challenging economic atmosphere.”

The commendation followed the presentation of a report by the NSIA Managing Director, Mr. Uche Orji, who told them that for the 9th year in a row, the NSIA has consistently remained profitable.

This was contained in a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, on Thursday.

According to the statement, the NSIA Boss said the Authority closed the 2021 financial year with a profit after tax of N153.8bn, slightly down 1.9 per cent from the N156.5bn recorded in 2020.

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‘’The NSIA boss noted that the total comprehensive income declined marginally in 2021 by 8.2 per cent to close the year at N147bn (2020: N160.1bn), ‘’the statement said.

‘’He further that the NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others,” Orji disclosed.

He said, “The NSIA delivered impressive financial results, underscoring the resilience of its strategy. For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8bn, slightly down 1.9 per cent from 2020. (2020: N156.5bn).

“Total comprehensive income declined marginally in 2021 by 8.2 per cent to close the year at N147.0bn (2020: N160.1bn).

“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others,” Orji disclosed.

Afterwards his presentation, the Council, according to the statement endorsed the report; commending the NSIA board and management for a good result.

This shows that in spite of a tough and volatile market, the NSIA’s investment strategy proved resilient and enabled the Authority to deliver favorable outcome as shown by the 2021 financial statement.

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For instance, the Authority which was set up in 2012 to manage Nigeria’s Sovereign Wealth Fund achieved core income of N100.8bn in 2021 compared to N109.6bn in 2020.

This 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.

The NSIA also 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.

The funds performed excellently on an individual basis with the Future Generation Fund (FGF) growing by 11.98 per cent to N976.868bn in 2021 while the Stabilization Fund (SF) and Nigeria Infrastructure Fund (NIF) grew by 1.60 per cent and N4.64 per cent to hit N278.827bn and N962.778bn respectively.

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