NSIA puts total 2017 income at N27.93bn

The Nigeria Sovereign Investment Authority (NSIA), disclosed that totsl comprehensive income for 2017 financial year stood at N27.93 billion.
Accordinf to the agency, the income is includes tbe impact of foreign exchange gains.
Briefing journalists at the weekend in Abuja, the Chief Executive Officer, NSIA, Dr.
Uche Oji, also disclosed that the agency recorded a 27 per cent growth in total assets from N420.93 billion to N533.88 billion.
Dr. Oji explained that the redeployment of funds contributed to the reduction in total income.
Thia is even as he added that the late inauguration of the agency’s board was also a contributing factor in income reduction.
“The Authority’s financial performance in 2017 affirmed the potency of management’s investment strategy and highlighted its resilience in the face of market volatility.
Both investment income and investment income correlated positively with the the more efficient investment approach adopted within the period under review.
“The decline of the Net Foreign Exchange Gains which accounted for the reduced Net Operating Income recorded in 2017 was as a result of government’s currency management policies which aimed at stabilising and reflecting the Naira’s real value in 2016,” he added.
On infrastructure fund , the NSIA helmsman informed journalists present that it only just broke even due to the long term nature of the investments.
The sector focus of the Authority in the year under review were agriculture, healthcare, motorways, real estate and power.
In this regard, there were investments in Presidential Fertiliser Initiative (PFI), Babban Gana Farmer Services Ltd (BG), Nigeria Mortgage Refinancing Company (NMRC), Nigeria Commodity Exchange (NCX), Lagos University Teaching Hospital (LUTH), Aminu Kano Teaching Hospital, EastWest Raid and Second Niger bridge, amongst others.
On whether the agency’s activities will not be affected by politics, the CEO assured that the NSIA funds would not be deployed into any political endeavour saying that the “full responsibility of how the funds are deployed lies with the board.
It is not a joke.
We are accountable for how the funds are spent,” he insisted.
The NSIA was established in 2011 to manage funds in excess of budgeted hydrocarbon revenues.
It is expected to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a saving base for the Nigerians people.