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NSIA Records N160bn Income

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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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HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries

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The Head of Service (HoS) of Rivers State, Dr. Mrs. Inyingi S. I. Brown, has commended Governor Sir Siminalayi Fubara, GSSRS, for approving befitting accommodation for Permanent Secretaries in the state.
This commendation was contained in a press release made available to newsmen in Port Harcourt.
According to the Head of Service, Governor Fubara has continued to demonstrate uncommon commitment to the welfare of civil servants in Rivers State, stressing that such gestures underscore his people-oriented leadership style. She urged civil servants across the state to remain supportive of the governor’s administration in order to sustain good governance and effective public service delivery.
Speaking on behalf of the Body of Permanent Secretaries, Dr. Brown congratulated Governor Fubara on the occasion of his 51st birthday, describing him as “a Governor who leads by serving.”
She further praised the governor’s service-driven and people-centred leadership approach, noting that it has significantly contributed to institutional stability and improved efficiency within the state’s public service. Special appreciation was expressed for the approval of a befitting accommodation complex for Permanent Secretaries, which she said reflects the governor’s commitment to staff welfare and enhanced productivity.
As part of activities to mark the governor’s birthday, the Body of Permanent Secretaries announced the sponsorship of 329 Joint Admissions and Matriculation Board (JAMB) forms for indigent students across the state.
A breakdown of the initiative shows that 319 forms will be distributed across the 319 political wards in Rivers State, while five forms are allocated to non-indigenes and five forms to persons living with disabilities.
Interested applicants are advised to contact the Office of the Permanent Secretary, Ministry of Education, for further details.
The Body of Permanent Secretaries wished Governor Fubara continued good health, divine wisdom, and greater accomplishments in his service to the people of Rivers State.
By: John Bibor
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Group Advocates Indigenous Language Sustainability, Calls for Policy Action

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A pan-Nigeria organisation committed to the promotion and preservation of indigenous languages, Indigenous Language and Culture Promoters (ILCP), has called for the deliberate development and compulsory teaching of indigenous languages in both primary and secondary schools across the country.

The group made the call during its maiden Congress held in Bori, Rivers State, which was convened to examine challenges hindering the official adoption and effective teaching of Ogoni languages in schools.

Speaking at the Congress, the Executive Director of the organisation, HRC Mene Magnus Edooh, Amb.P, emphasised the critical role of indigenous languages in preserving a people’s culture, values and history. He warned against the gradual extinction of native languages, noting that language loss equates to identity loss.

“Years ago, Latin was a language of global relevance, but today it is largely extinct. We do not want Ogoni languages to suffer a similar fate. As a people, we cannot afford to lose our identity through the death of our languages,” Edooh said.

He explained that the Indigenous Language and Culture Promoters was established to collaborate with language stakeholders to ensure that children and younger generations remain connected to their mother tongues. The organisation also appealed to governments at all levels, as well as relevant institutions and individuals, to take strategic actions aimed at promoting and sustaining Nigeria’s indigenous languages.

Also speaking, the newly appointed Director of Media and Information, Prince David N. Gbarato, questioned the rationale behind government reluctance to accord indigenous languages their rightful place in national development policies.

According to him, “People with well-developed languages are people with well-developed indigenous systems and affairs,” stressing that language development is fundamental to cultural and societal advancement.

The Congress further served as a platform for the ratification of key officers of the organisation and featured the participation of representatives from various indigenous language groups and other language stakeholders, all of whom echoed the call for renewed commitment towards safeguarding Nigeria’s linguistic heritage.

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Diri Approves N200m Monthly Grant for Bayelsa Farmers, Targets Increased Local Rice Production

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Bayelsa State Governor, Senator Douye Diri, has approved a monthly support scheme of ?200 million for farmers in the state as part of efforts to boost food security and expand agricultural production.

The governor announced the approval on Tuesday at the flag-off ceremony of the 2026 dry season farming programme held at the state-owned rice farm in Otuasega community, Ogbia Local Government Area.

Expressing dissatisfaction with the volume of rice harvested during the last farming season, Governor Diri directed the Commissioner for Agriculture and Natural Resources to ensure a significant increase in the production of homegrown rice in Bayelsa State by the end of 2026.

He stressed that despite the government’s provision of necessary support to the ministry and farmers, it was unacceptable that the state still had to procure rice from outside during the last Yuletide period.

The governor charged the Ministry of Agriculture to take food security seriously, noting that Bayelsa has a comparative advantage in several crop areas, with fertile soil that does not require fertiliser to produce organic crops.

While commending the Commissioner for Agriculture and other stakeholders for organising the event, Governor Diri urged the ministry to ensure that such initiatives go beyond yearly ceremonies and translate into tangible benefits for the people.

According to him, agriculture remains a key pillar of the state’s economic diversification drive, which his administration has prioritised through heavy investments. He also called on civil servants and residents to embrace agriculture as a way of life.

“Let it not be that we come here for a yearly ritual. This is something that affects us as a people and so we must all take it seriously. Food security will continue to be a top priority of my administration,” he said.

He added that agriculture strengthens the economy and highlighted the importance of transportation infrastructure in moving farm produce from rural communities to the state capital.

“We are investing in agriculture and connecting communities. The roads and bridges support agriculture. We have developed partnerships and collaborations and will continue to partner with other agencies to ensure Bayelsa attains the expected food security,” the governor stated.

Governor Diri further directed that by the end of 2026, the state should record a minimum production of 300,000 kilogrammes of rice, stressing that government would patronise local farmers rather than sourcing rice from outside the state.

On security concerns, he reiterated that the state’s anti-grazing law remains in force, warning herdsmen against destroying farmlands and urging farmers to report such incidents to security agencies instead of resorting to social media.

He also cautioned traditional rulers against allocating land in forest areas to herdsmen, warning that anyone found culpable would be sanctioned.

“For our farmers, we will always support you. Honourable Commissioner, identify the genuine farmers in the state. What we did for MSMEs will also be done for farmers. Henceforth, ?200 million will be set aside monthly to support farmers in Bayelsa State,” he added.

In his remarks, the Commissioner for Agriculture and Natural Resources, Prof. Beke Sese, described the event as a reaffirmation of the state government’s unwavering commitment to food security.

He commended Governor Diri for his substantial investment in the agricultural sector, noting that it has been the driving force behind the progress recorded so far.

Representatives of the All Farmers Association of Nigeria (AFAN), Bayelsa State chapter, Nigerian Women in Agriculture Business, the Nigeria Agricultural Insurance Corporation and the Central Bank of Nigeria, among others, also lauded the governor’s sustained support for farmers, which they said has significantly improved the agricultural sector in the state.

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