Nigerian Sovereign Investment Authority Grows Income by 343%

By Aduragbemi Omiyale

Despite the challenges posed by the COVID-19 pandemic in 2020, the Nigerian Sovereign Investment Authority (NSIA) grew its total comprehensive income by 343 per cent to N160.1 billion from N36.2 billion in 2019.

The agency, while presenting its report on Thursday at the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo, stated that it also improved its net assets by 33 per cent to N772.8 billion in 2020 from N579.5 billion a year earlier.

In his presentation, the Managing Director/CEO of NSIA, Mr Uche Orji, explained that his organisation achieved a core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.

Mr Orji attributed the strong performance in the year to the agency’s investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.

In response to COVID-19, he said the NSIA partnered with Global Citizen, a not-for-profit group, to form the Nigeria Solidarity Support Fund (NSSF), acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its Corporate Social Responsibility; in addition to staffing support to the Presidential Taskforce on COVID-19 towards combatting the pandemic.

Other major milestones reached by the NSIA were recorded across domestic infrastructure projects, specifically in roads, agriculture, healthcare, technology and gas industrialization, he informed the council, which comprises the 36 state governors, the Federal Capital Territory Minister and the Governor of the Central Bank of Nigeria (GBN), and other federal government agencies.

During the meeting, the Director-General of the Nigeria Centre for Disease Control (NCDC), Mr Chikwe Ihekweazu, updated the council on Nigeria’s response to the COVID-19 pandemic, stating that in the last two months, there has been a reduction in the number of cases globally, adding that even India has also experienced a contraction in its infection rates in the last five days.

He further said in Nigeria, the total number of cases as at May 19, 2021, stood at 165,809, while the number of cases tested was 2,002,653, with 7,323 active cases. It was also disclosed that discharged cases were now 156,419, while there had been 2,067 deaths.

According to the NCDC boss, the “transmission rate in the country is low,” adding that attention is now on tracking the new B1.617.2 variant from India. He said there are only three such cases identified in Nigeria so far.

He added that focus should remain on the protocols to stop the spread of the virus, while the health authorities and agencies will keep an eye on tracking the Indian variant. Governments and leaders in the society were also urged to discourage pandemic fatigue and stick to the COVID-19 safety protocols.

On his part, the Minister of Information and Culture, Mr Lai Mohammed, presented a report on the Digital Switch Over (DSO).

He informed the gathering that the International Telecommunications Union (ITU) directed member states to switch off analogue television transmission for digital.

According to him, the National Broadcasting Commission (NBC) and the DSO Ministerial Task Force are tasked with ensuring that Nigeria ‘digitizes’ and develop a public information and awareness campaign to inform citizens about DSO/FreeTV.

The Minister disclosed that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable NBC to support and upgrade the DSO initiative, as well as fund local producers.