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NSIA Records N160bn Income
The Nigeria Sovereign Investment Authority (NSIA) says it had a strong year in 2020, recording N160.06billion in total comprehensive income amounting to 343 per cent growth compared to N36.15billion in 2019.
The Managing Director, Mr Uche Orji, revealed this in a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review, yesterday, in Abuja.
Orji attributed the growth, in spite of the challenges of Covid-19, to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.
He added that the authority achieved 33 per cent growth in net assets amounting to N772.75billion as against N579.54billion in the previous year.
He also said that the NSIA received additional contribution of $250million and provided first stabilisation support of $150million from the Stabilisation Fund to the Federal Government.
According to him, the authority also received $311million from funds recovered from late Gen Sani Abacha from the US Department of Justice and Island of Jersey.
He said that the funds were deployed towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos-Ibadan Expressway and the Second Niger Bridge.
“The 2020 fiscal year was characterised by high volatility and global market uncertainty on account of Covid-19 in the first half.
“However, the authority’s strategic investments generated respectable returns in spite of the impact of Covid-19.
“Notably, NSIA has invested in various private equity and venture capital investment funds to tap into the high-growth sectors.
“NSIA expects that the outlook for 2021 would be positive, however, we expect bouts of volatility as global markets adjust and recover from the impact of the pandemic.”
Speaking on some of the projects and interventions the organisation was involved in; he said that it entered a strategic collaboration with BBVGH for cancer treatments.
Orji said that the group was helping in training personnel and bringing in lower costs cancer medicine for those who were in the NSIA-Lagos University Teaching Hospital Cancer Centre.
He also said it had operationalised the NSIA-Kano Diagnostic Centre and the NSIA-Umuahia Diagnostic Centre which were developed as first-rate diagnostic centres with individual investments of $5.5million each.
For the power sector, Orji said that the NSIA was building a 10 megawatts solar power plant in Kano, which presently was the single largest in Nigeria.
“Expected to be completed at the end of 2022 at a cost of about $15million, the plant would link industrial customers to an additional source of power supply,” he said.
He said it was also setting up a platform with International Development Finance Institutions (DFIs) to allow it spread across various parts of the country.
In agriculture, through the Presidential Fertiliser Initiative (PFI), it produced 12million 50 kilogram bags of NPK 20:10:10 equivalent in 2020.
This, he said, brought the total production since inception to over 30 million 50kg bags equivalent, while the number of participating blending plants increased to 44 from less than seven at inception.
Orji added that the NSIA completed construction of 3,000 hectares Panda Agric Farm in Nasarawa, the first project of the UFF-NSIA partnership.
He said that the NSIA launched Nigeria’s Innovation Fund to address investment opportunities within Nigeria in Information technology.
According to him, with immediate pipeline it includes data networking, data centres, software and services as well as Agri-tech and Bio-tech.
Speaking on gas industrialisation, he said significant progress had been made on developing the Ammonia and Diammonium phosphate production plants in partnership with OCP.
For 2021, he said the organisation was looking forward to completing the concession, capital raise and operationalisation of the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway.
“In the Future Generations Fund, we expect to allocate more capital to venture capital, global equity markets and an increasing exposure to European equities where we had been under exposed in 2020.
“NSIA believes that broad opening of the markets will provide a comprehensive lift to equities. Although NSIA believes the market is unlikely to repeat some of the performance of 2020.
“It is more likely that a broader market recovery will occur with economies opening unlike the case in 2020 in which technology stocks drove market performance.”
The NSIA was set up to manage funds in excess of budgeted hydrocarbon revenues.
Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians.
This would be through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress.
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Tinubu Urges Youths To Leverage NASRDA Skills Acquisition Project For Employment
President Bola Tinubu has called on Nigerian youths to leverage the skills acquisition programme of the National Space Research and Development Agency (NASRDA) for gainful employment.
Tinubu made the call on Wednesday in Abuja during the opening ceremony of NASRDA skills acquisition project being executed in collaboration with Grassroots Bridge Builders (GBB), a Non-Governmental Organisation (NGO).
Represented by Mr Adewale Adeogun, Chairman, Tinubu National Think Tank (TnT), he said the project was part of the many initiatives of the government under its Renewed Hope Agenda.
The Tide source reports that the project targets to train 60,000 youths with relevant life changing skills.
“Most of our people are not aware of some of the policies that the President have brought forward because they were not informed, misinformed.
“The NASRDA/GBB project is here to educate, train and allow NGOs, corporate bodies, religious bodies, some support group leaders on these activities and we have millions of people unaware.
“We want Nigerians embrace this programme, come up with ideas of how we can get millions, at least 50 million Nigerians out of this unemployment circle,’’ Tinubu said.
He said the Federal Government was in discussions with companies, government institutions to employ the youths who had benefited from the project.
“These youths, when trained through our platform, we will introduce them to ministries, agencies, parastatals and industries for employment.’’
Director-General of NASRDA, Dr Matthew Adepoju, said that Nigerian youths were intelligent, hardworking and creative, adding that the government was committed to giving them skills for development.
“We can use the space science and technology to empower the youth to function in their own ecosystem,’’ he said.
He recalled the agency already started a pilot skills acquisition programme on mast installation, maintenance and management of telecom infrastructure, with over 60 youths in participation.
According to him, the training is expected to touch on different sectors, states and local government levels because that is where the bulk of our youths reside.
Dr Haruna Mohammed, Technical Adviser to the D-G, said they were at the level of profiling the participants.
‘’The first was the pilot project, which we had over 60 participants, and we are scaling it up now, and we are profiling them, gathering data, trying to know how to spread it across the country.
“For this next stage, we are proposing 5000 youths and we recently had a request from some ministries to train about 60,000 youths,’’ he said.
Mohammed said that the youths would be trained on 27 different skills such as artistry, carpentry and painting.
Mr Ibrahim Igoche, Chief Executive Officer, GBB, encouraged other NGO, partners to join the government in building the skills of Nigerian youths to reduce poverty.
News
Okpebholo Approves New Minimum Wage Of N75,000 For Edo Workers

Gov. Monday Okpebholo of Edo has raised the minimum wage for Edo workers from N70,000 to N75,000 to further improve their standard of living.
The governor announced this during his May Day speech at the Samuel Ogbemudia Stadium in Benin.
The governor, while appreciating Edo workers’ contributions to the state’s development, said his administration would always look for ways to improve the welfare of Edo workers.
“Today, I am proud to announce that our administration has approved a new minimum wage of N75,000 per month for all Edo workers.
“It’s our way of saying thank you, Edo workers. We believe this makes a real difference, and we count on your dedication to a better Edo.
“Since taking office, my administration has prioritised workers’ welfare.
” One early action was converting over 1,000 casual workers, including cleaners, into permanent civil service employees,” he said.
Okpebholo disclosed that his administration had also hired 500 teachers, adding that he was reviewing over 3,000 casual teachers for full employment.
“We also approved recruitment of 450 clinical and non-clinical hospital staff and regularised 126 contract workers at Edo State Specialist Hospital for stability and growth,” he added.
The governor also disclosed that his administration had cleared outstanding salary arrears owed to Edo Polytechnic staff.
“In the judiciary, judges whose appointments were delayed have been properly sworn in and are now actively performing their constitutional duties without further administrative hindrances.
“To prove our commitment, we approved health insurance for retirees because we believe support must continue after workers leave active service,” the governor said.
Okpebholo reiterated his administration’s dedication to prompt salary and pension payments, structured recruitment, workers’ welfare and professional development
“As we celebrate today, I join President Tinubu and fellow governors in wishing Nigerian workers a peaceful, fulfilling celebration. Your efforts build our nation daily.”
Acting NLC Chairman, Edo chapter, Comrade Bernard Egwekhide, praised Governor Okpebholo for laudable policies that ease the hardship experienced by workers and pensioners across the state.
He said the theme, “Reclaiming the Civil Space Amid Economic Hardship,” was appropriate and highlighted the critical issues faced by Nigerian workers in today’s tough economy.
Egwekhide appreciated the governor’s seriousness towards workers’ welfare, noting that recent interventions had significantly improved the lives and civil rights of Edo workers.
“Within six months in office, you have performed excellently for Edo workers. Your achievements surpass our expectations and show real commitment to the needs of workers
“We also thank President Bola Tinubu for supporting Edo State. The first flyover is under construction, and a second has already been approved for development.
“Additionally, federal roads across the state are now receiving the urgent attention they have long needed, thanks to the partnership with the Federal Government,” Egwekhide said.
News
Rivers Gears Up For First Round Of Polio Immunization Campaign
Rivers State is set for the first round of the Oral Polio Vaccine Immunization Campaign from the 3rd through to the 6th of May, 2025.
This was disclosed by the state Director, Community Health Services, Dr. Joy Tonye Wihioka, during a sensitization meeting with the Social and Behavioral-Change Communication Committee (SBCC) and stakeholders for the round one of the National Immunization Pulse Days (NIPDs) in Port Harcourt.
According to Dr. Wihioka, this campaign is targeted at the hard to reach areas and will focus on children within the age range of zero to five years.
The Immunization exercise according to her, will basically go from house to house, community to community and school to school campaign.
She said the meeting is primarily a Clarion call to all relevant stakeholders to create awareness on the improvement of the programme in the state.
Dr. Wihioka explained that the Rivers State government is striving towards sufficient coverage in the vaccination exercise, noting that the state has recorded over 90% coverage of the vaccination exercise, save for the hard to reach areas, hence this exercise is deliberately targeted at these areas, as all necessary logistics have been put in place to ensure the successful implementation of the immunization campaign.
She said that one great achievement of the state is the near eradication of measles and whooping cough, even as the the state is not resting on its oars in carrying consistent surveillance for other vaccine preventable diseases.
She explained that it is the testament of the vaccination successes that most of these diseases have been eradicated in our dear state, that over the years it has been proven that vaccines are safe in managing preventable diseases.
On her part, the State Health Educator, Rivers State Primary Health Care Management Board (RSPHCMB), Dr Babbo Diana, said one day had been designated to school children for the first round of the Oral Polio Vaccine Immunization Campaign, explaining that children between the ages of zero to five years, would be targeted in churches, mosques, market places and schools for them to be vaccinated.
He added that this year’s exercise would address the high number of unresolved non compliance cases.
Earlier, a representative of the World Health Organization (WHO), Ajawa Chibuzor, had pledged the support of the WHO in curtailing the issue of vaccine preventable diseases in the state.
Chibuzor who is an Assistant Health Public Officer said the Organisation is fully committed to ensuring that Rivers State is free from all vaccine preventable diseases.
Also speaking, the representative of the United Nation International children Educational fund (UNICEF), Sandra James, said that UNICEF would encourage the Rivers State Health Care Management Board (RSPHCMB) to have a healthy State free of Polio.
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