The Nigerian Sovereign Investment Authority has despite slow growth and global inflationary pressure recorded its ninth consecutive year profit of N153.56bn in the 2021 financial period.
The 2021 according the the Managing Director and Chief Executive of NSIA, Uche Orji, excludes foreign exchange gains of N45.8bn in 2021 and N51.2bn in 2020.
The 2021 financial report of the Authority shows that though it’s core income went down by 8% when compared to 2020, it’s core income stands at N100.8 billion, while it’s profit after tax recorded a slight down of 1.9% from 2020 to close at N153.6 billion for the year under review.
The Authority also recorded marginal decline of 8.17 per cent in Total Comprehensive Income from N160.06bn in 2020 to N146.98b in in 2021.
The positive result is coming as global economies continue to struggle with the recessionary forces and weak economic outlook.
The report sighted by myprompttvnewsonline states that NSIA’s assets recorded a 19.02 per cent positive net growth of N919.73bn in 2021 from the N772.75bn recorded in the year 2020.
The net growth has proven the resilience of the Authority’s investment strategy amidst hostile and volatile global markets, as a result of covid-19 pandemic.
The NSIA recorded yet another positive growth in its Future Generation Fund (FGF) by 11.98 per cent to stand at N976.868bn in 2021, while its Stabilization Fund (SF) grew by 1.60 per cent and Nigeria Infrastructure Fund (NIF) by 4.64 per cent.
Nigeria Infrastructure Fund (NIF)
The NSIA reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, healthcare, technology, gas industrialization among others.
In other investment especially in Agriculture through the Presidential Fertiliser Initiative (PFI), over 12 million bags of NPK 20:10:10 was produced, bringing the total production since inception to over 30 million 50kg bags equivalent.
The continuous drive according the Uche Orji has seen an increase of 44 blending plants from less than 7 at the inception of the initiative in 2017. He said 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 to 51 in 2021.
The Fund is also implementing three road projects being under the Presidential Infrastructure Development Fund (PIDF). These included the Lagos-Ibadan Expressway at 66 per cent completion level, Second Niger Bridge at 53 per cent and Abuja-Kaduna-Kano Highway which has recorded 66 per cent completion.
The NSIA Managing Director said the target date for the completion of Lagos-Ibadan expressway and 2nd Niger Bridge is 2022 while Abuja-Kaduna-Kano Highway is expected to be completed by 2025.