The Nigeria Sovereign Investment Authority (NSIA) board and management have received praise from the National Economic Council (NEC) for its strong 2021 financial performance in spite of the difficult economic environment.
According to a press statement issued by the Senior Special Assistant to the President on Media and Publicity (Office of the Vice President), the commendation was part of resolutions reached by NEC at its recently concluded meeting presided over by Vice President Yemi Osinbajo, SAN.
Akande in the statement said that the council adopted the report which was presented by the MD/CEO of NSIA, Mr Uche Orji, where it noted that the impressive financial results delivered by the authority underscore the resilience of its strategy.
Highlights of NSIA impressive result
The statement noted, “For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9% from 2020. (2020: N156.5 billion). Total comprehensive income declined marginally in 2021 by 8.2% to close the year at N147.0 billion (2020: N160.1 billion).
“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others.”
State Governor express concerns over ownership of the new NNPC Limited
The Group Managing Director/Chief Executive of NNPC Limited, Mele Kyari made a presentation to the Council on “Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft”
Kyari also raised several issues including oil production and market updates. He also gave updates on the PMS supply and distribution, assuring of sufficiency.
After his presentation, State governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.
Subsequently, the Vice President directed that a sub-committee of the Council be set up to liaise with the Federal Government on all the issues.
What you should know
- The NSIA had earlier in May said that it had reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, healthcare, technology, and gas industrialization among others.
- It noted in its outlook, that the year 2022 will be the most challenging investment environment in the last 15 years as a combined effect of Inflation, Russia-Ukraine and covid related supply chain challenges combine to create a tough environment for most asset classes.
- NSIA also said that it will continue to drive direct investments in its core areas of healthcare, toll roads, gas industrialisation, technology, ESG, Financial markets infrastructure, toll roads, power and agriculture