Nation
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.
Nigeria Security and Civil Defence Corps (NSCDC) has set up new command posts in Kebbi and Sokoto States to boost staff performance, security and better protect critical national infrastructure in the states.
Minister of Interior, Rauf Aregbesola, who commissioned the two commands, said Federal Government would not relent in ensuring the protection of citizens at all times by providing the necessary supports, and logistics needed to maintain the current tempo of development to ensure effective discharge of the Corps core mandates
Represented by the Permanent Secretary of the ministry, Dr Shuaib Belgore, Aregbesola stated that the Federal Government was dedicated to continuously support the Corps to enhance performance and boost national security.
According to a statement signed by the agency’s Public Relations Officer (PRO), Olusola Odumosu, the minister also tasked personnel in the two states to live up to the mandate of the agency and exhibit the highest level of discipline in their conduct.
He further charged the personnel to “abstain from rancor and unnecessary rivalry and ensure effective synergy with military and all other law enforcement agencies”.
Aregbesola commended the leadership of the Corps for the tremendous transformation witnessed within the last two years as he further attributed it to the doggedness, determination, pragmatic approach and readiness of personnel to impact positively on the nation’s security.
Present at the event were governors of the two states; Atiku Bagudu of and Aminu Tambuwal who were both represented.
The Nigerian Association of Women Journalists (NAWOJ), Lagos State Chapter, in collaboration with FH1360/Alive and Thrive Project hosted an interactive media round table aimed at promoting maternal, infant and young child nutrition, with an intervention of reducing the total number of anemia and all deficiencies related to mother and child.
Chairperson, NAWOJ, Lagos State, Adeola Ekine, said the initiative was focused on improved reporting of maternal nutrition coverage in journalism.
She added that the annual event provides insight on illnesses affecting children and mothers and their possible solutions
The Lagos State team Lead, Alive and Thrive, Olawunmi Ajayi, who spoke extensively on Maternal, Infant and young child nutrition (MIYCN), noted that Nigeria loses about 2313 children daily translating to 844,321, children death annually, half of which are due to malnutrition.
“You don’t have to spend a lot on trying to impress people about your feeding habit you just have to make sure you are providing and feeding a well-balanced diet.
The Nigeria Association of Social Workers (NASoW) has advised President Bola Tinubu to appoint a qualified social worker as Minister of Humanitarian Affairs, Disaster Management and Social Development.
This is contained in a congratulatory message signed by its Publicity Secretary, Musliudeen Adebayo, and made available to newsmen in Ibadan yesterday.
The Tide source reports that NASoW, the umbrella body of social workers in the country was founded in 1975.
The President of NASow, Alhaji Mashood Mustapha, congratulated Tinubu on his swearing-in ceremony as the 16th President of Nigeria.
Mustapha said that the appointment of a social worker who had the requisite knowledge and skills to paddle the affairs of the ministry would promote the humanitarian agenda.
He said that appointing a NASoW member as Minister of Humanitarian Affairs, Disaster Management and Social Development was in the interest of the nation.
Mustapha said that the ministry had core mandate to promote social work and quality social services delivery in the country.
He said that the association was ready and fully prepared to work with the new administration to achieve its aim in all areas of human development.
He said that the call for the appointment was as a result of the ministry’s strategic importance to the welfare of citizens, which is the main goal of this administration.
The NASoW president said that one of the association’s achievements during the administration of former President Muhammadu Buhari was the signing of the Nigerian Council for Social Work (NCSW) Establishment Act 2022.
Mustapha encouraged Tinubu to set another record by appointing a qualified social worker as minister for humanitarian affairs, disaster management and social development.
He said that the association was anxiously waiting for the time when NCSW would be constituted.
“We are using this medium to congratulate our new President Bola Tinubu on his emergence as the President of Federal Republic of Nigeria.
“We appeal to him to appoint a social worker as the minster for humanitarian affairs, disaster management and social development. This is our ministry; it is the main ministry for social workers
“We advise the president to put a round peg in a round hole for the betterment of the country,” he said.
Mustapha enjoined the president to appoint a minister, who had the required knowledge of social work as they expected the minister to constitute the NCWS board as soon as possible.
“The Nigerian Council for Social Work (Establishment) Act 2022 has been gazetted. Our law has become an Act of Parliament.
“This implies that a lot of good things are coming for the good people of Nigeria. The council is yet to be constituted.
“When this is done, it will help to give more recognition to social work practice in Nigeria,” he said.
He said that the establishment of NCSW would create job opportunities and enabling environment for social workers to provide the much desired quality social services to the people.
Mustapha said that it would also reduce migration of social workers to other countries in quest for prosperity.