The Nigeria Sovereign Investment Authority (NSIA) Group, on Thursday, reported a profit before tax of N46.185bn for the year ended December, while total comprehensive income amount to N44.337bn.
In a presentation of its business update, and outlook to the National Economic Council, Uche Orji, Managing Director of the fund, said “irrespective of volatility in the market due to the US/China trade disputes and Brexit, the Group made a total of N24bn in total comprehensive income in the first 6 months of the year.”
The NSIA boss had earlier told the council of its intention to “deploy Capital into the three road projects under the Presidential Infrastructure Development Fund – to complete the Second Niger Bridge, Abuja – Kano highway and Lagos – Ibadan Expressway, as well as the Mambilla Power Project.”
He also noted plans by the NSIA to create a number of co-investment funds, in the area of healthcare, agriculture and gas projects.
“These projects, worth N2.5tr, will be implemented under a business model, that includes the payment of reasonable service charges (e.g. tolling of roads, electricity tariffs, etc) after the projects have been fully developed.”
Apparently satisfied with the fund’s outlook, the council, composed of the 36 State Governors, Governor of the Central Bank of Nigeria (CBN), the FCT Minister and other Federal Government representatives, the council resolved to invest an additional $250m into the sovereign wealth fund.
Besides the additional $250m, NEC also resolved that the “governor of Kaduna State should chair a NEC Committee to consider how a portion of Pension Funds can also be leveraged into an investment for the NSIA with possible involvement of PENCOM.
“The Committee will include the Finance Minister, CBN Governor and the NSIA MD.”
Following a presentation by the Minister of Mines and Steel Development, Olamilekan Adegbite on the development of the solid minerals sector, the council resolved that “there should be a collaboration between the Federal Ministry of Mines and Steel Development and the State Governments on environmental issues and concerns in the States.”
On community relationship with the miners, it was agreed that there should be a full-time engagement of the communities to avoid the mistakes made in the oil and gas sector.
Council also resolved that the Governor of Ekiti State and Chairman, Nigeria Governor’s Forum (NGF) should constitute an Ad-hoc Committee involving governors to engage with the Federal Ministry of Mines and Steel Development to find ways of addressing all the issues involved towards a beneficial development of the solid mineral sector.
On updates involving the Excess Crude Account (ECA), Stabilization Account and the Natural Resources Development Fund Account, the Accountant General of the Federation told Council that “the Excess Crude Account (ECA) balance as at 20th November 2019 stood at $324.539m, while the Stabilization Account balance as at 20th November 2019 was N29.48m, and Natural Resources Development Fund Account balance as at 20th November 2019 stood at N 79.751m.
Caption From left, Labour Minister, Dr. Chris Ngige; Malam Nasir el-Rufai, governor of Kaduna State (third left); and Governor Aminu Bello Masari of Katsina during the meeting.
