Uche Usim, Abuja
Despite increased volatility in international markets, the Nigeria Sovereign Investment Authority, managers of Nigeria’s Sovereign Wealth Fund, on Monday released its 2018 financial year results where it posted a total comprehensive income of N44.34 billion. The result was higher than N27.93 billion posted in 2017.
It also said its total assets recorded a growth of 16 per cent to N617.70 billion as against N533.88 billion posted in the previous year, even as it denied carrying out shady recruitments.
Speaking at a media briefing in Abuja, the Managing Director of NSIA, Mr Uche Orji, said the Authority’s investment strategy proved robust with headline numbers maintaining a favourable trajectory across the three funds – The Stabilisation Fund, Future Generations Fund and Nigeria Infrastructure Fund.
“Stabilisation Fund (100 per cent Funds deployment): 7.2 per cent, Future Generations Fund (81 per cent fund deployment): 8.3 per cent, Nigeria Infrastructure Fund (17 per cent fund deployment): 7.7 per cent
“We 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.
“Presidential Fertiliser Initiative recorded 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$ 650 million from NEC and commenced capital deployment across three of the major road projects under PIDF including 2nd 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”, Orji explained.
On InfraCredit, NSIA boss said it 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” , he added.
On key infrastructure projects in the pipeline for 2019, he listed them to be; Commodities Exchange (NCX); investment in basic chemicals with OCP Morocco and the Basic Chemical Platform to produce ammonia and other fertilizer products.
“Focus for 2019 is infrastructure. We’ve committed more than 60% of our funds. In real number, we are talking about $450 million”, he said.