NSIA to Increase Investment in Infrastructure
The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has indicated its preparedness to deploy more capital towards developing infrastructure in the country.
The agency disclosed this in its audited financial results for the 2018 financial year released recently.
The NSIA recorded strong performance in a year when many international markets under-performed and the global economy experienced a moderate pace of expansion.
Despite concerns over international trade flows, slow growth in key economic indicators and increased volatility across financial markets, the Authority’s investment strategy proved robust with headline numbers maintaining a favourable trajectory across the three funds –
Stabilisation Fund, Future Generations Fund and Nigeria Infrastructure Fund.
The results showed that Its total comprehensive income (including the impact of foreign exchange gains) stood at N44.34 billion, higher than the N27.93 billion recorded the previous year.
On the other hand, its total comprehensive income, excluding the impact of foreign exchange gains, in the year under review, was N26.29 billion, as against the N26.28 billion recorded the previous year. In addition, total assets recorded a growth of 16 per cent, to N617.70 billion at year end, up from N533.88 recorded the previous year.
It disclosed that in the previous year, it raised its focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions. For instance, in healthcare, the NSIA reached financial close on three healthcare projects including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH).
“We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical operations,” it explained.
Under the Presidential Fertiliser Initiative, the agency disclosed that it increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants participating.
“The Presidential Infrastructure Development Fund (PIDF): Received US$ 650million from NEC and commenced capital deployment across three of the major road projects under PIDF including second Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.
“The joint venture of NSIA and UFF reached financial close on Project Novum, a fully integrated farm located on 3,500 hectares of land in Panda, Nasarawa State.
“InfraCredit: NSIA having created InfraCredit, attracted other investors to the company and de-recognized it from the book. InfraCredit is poised to transform the infrastructure bond market having facilitated transactions for North South Power and Vitan. New investors in InfraCredit AfDB and KfW.