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Nigeria’s Investment Authority reports 2016 profit

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Nigeria’s Sovereign Investment Authority NSIA, has reported a profit of about N26.28billion ($88billion) for 2016.

The Delta State Governor, Ifeanyi Okowa stated this while briefing journalists on the outcome of Thursday’s National Economic Council meeting in Abuja.

Governor Okowa said the NSIA reported “on five years so far of profitability in all forms with core profits in 2016.

“NSIA also reported that the total profit on that management was about $1.25 billion for most part of the year but they had received an extra of $250 million that was received in the third quarter of 2017.

“It also did report that the returns on assets was up to 6.6 per cent in dollar terms which we considered to be quite good in terms of returns. It is actually shifting its focus now to infrastructure and direct investment locally in the country which is of great benefit to us as a nation,” he explained.

Governor Okowa said the  2017 activities of the NSIA also included the implementation of Presidential Fertilizer Initiative (PFI) in 2017.

Free health projects
He said the Investment Authority also commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State and continued with the work, the funding of the work on the second Niger bridge in which they had been involved in the past.

According to Governor Okowa, the NSIA invested and own 13 per cent of Bridge Academy Ltd, a network of schools which delivers high quality affordable primary education to lower income earners. It is hoped that NSIA would do that too in other states of the federation.

He said the agency also did invest in Babagona, an agricultural franchise, that empowers small holder farmers across the country, and intend to focus on executing infrastructure investment across the nation which includes roads, investment in agriculture and health in 2018.

“We are hoping that all this will impact on infrastructure development and development of industrial real estates across the country,” Governor Okowa said.

He added that the Council eventually approved the account of NSIA presented at the meeting.

The Vice President, Professor Yemi Osinbajo presided over the meeting.

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