May 21, 2021

The Nigerian Sovereign Investment Authority (NSIA) has recorded a 343% growth in Total Comprehensive Income totalling N160.06 billion in 2020 compared to N36.15 billion in the previous year and 33% growth in Net Assets, rising up to N772.75 billion from the previous N579.54 billion.

This was one of the major highlights in the NSIA report presented at Thursday’s National Economic Council (NEC) chaired by Vice President Yemi Osinbajo.

At the meeting of the Council, which comprised the 36 State Governors, the Federal Capital Territory Minister and the Governor of the Central Bank of Nigeria (CBN), the Managing Director/Chief Executive Officer of the NSIA, Mr. Uche Orji, submitted that the NSIA achieved 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.

The NSIA presentation noted that despite the challenges of COVID-19, it had a favourable year owing to strong performance from its investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.

In response to COVID-19, 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.

Earlier, the Minister of State for Budget and National Planning, Mr. Clem Agba, gave the Council the monthly update on the under-listed accounts as follows:

1. EXCESS CRUDE ACCOUNT (ECA)

Balance as at 18th May 2021 stands at

$72,413,574.70

2. STABILIZATION ACCOUNT

Balance as at 18th May, 2021 stands at

N24,741,213,941.88

3. DEVELOPMENT OF NATURAL RESOURCES ACCOUNT

Balance as at 20th May, 2021 stands at

N23,650,579,140.23

On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was to have started this month.

Ekiti State Governor, Dr. Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.