Nigeria’s Sovereign Investment Authority (NSIA) has announced N153.56 billion profit in the 2021 financial year.
In a virtual press briefing Thursday in Abuja, NSIA’s Managing Director Uche Orji, noted that despite the harsh operating environment occasioned by global recession and other extraneous issues, the company continued to weather the storm.
In the same period under review, the NSIA also achieved a 19.02 per cent growth in net Assets to N919.73billion in 2021 from the N772.75billion recorded in the preceding period of 2020.
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 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.
On agriculture, NSIA’s said that from a paltry 7 in 2017, blending plants participating under the Presidential Fertiliser Initiative (PFI), increased
to 44, adding that the Authority produced over 12 million 50kg bags of NPK 20:10:10 equivalent in 2020, bringing total production since inception to over 30 million 50kg bags equivalent.
Also, 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”). Currently, 96 per cent (720ha) of the targeted 750ha of center pivot irrigation coverage has been achieved.
