The Nigeria Sovereign Investment Authority (NSIA) says it records total assets growth from N617.7 billion in 2018 to N649.84 billion at the close of 2019 representing a five per cent growth.
It also recorded a Profit-After-Tax of N34.46 billion during the period.
This is contained in the 2019 audited financial statement of the agency which was released on Friday in Abuja and made available to PerSecondnews.
NSIA also recalled that it recorded total comprehensive income of N36.15 billion in 2019 as against N44.34 billion recorded in 2018.
Excluding foreign exchange gain of N18bn in 2018 and N1.28 in 2019, the net income in 2019 was N34.87bn compared to N26.28bn in 2018, it said.
Also, it closed key transactions and increased capital deployment on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.
In the health sector, the NSIA said it operationalized the Cancer Centre at the Lagos University Teaching Hospital in May 2019.
According to NSIA, a significant progress was recorded on the civil and construction works at the Advanced Diagnostic Centres at both the Federal Medical Centre Umuahia and Aminu Kano Teaching Hospital, adding that they have been completed in 2020.
On the Presidential Fertiliser Initiative, the NSIA said it delivered 6.5 million bags of 50kg bags of NPK 20:10:10 while accredited participating blending plants increased from 18 to 31 in 2019.
For the Presidential Infrastructure Development Fund, the Authority said it received N90bn from government and deployed capital across three of the major road projects under the PIDF.
The three major road projects are the Second Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.
“As of the end of 2019, a total of ₦181.9bn has been deployed across all the three projects.”
Speaking on the financial performance, the Managing Director, NSIA, Mr Uche Orji, said that the outlook for the Fund remains promising.
“The onset of the Covid-19 pandemic has caused an unprecedented human and health crisis with significant impact on global markets. As such, it may be difficult to predict the markets overall reaction to development.
“It is predictable that the volatility introduce by the onset of the pandemic may linger. However, the Authority continues to monitor the market conditions with the view to leverage the upside risks that avail themselves in the market.
“We expect that our investment strategy will continue to deliver positive returns in the long term in 2020 as the markets normalize and new opportunities emerge,” the CEO said.
The NSIA boss said asset allocation strategy remains stable across the various funds adding that Future generations fund remains 25 per cent public equities, 25 per cent private equity, 25 per cent absolute returns and 25 per cent other diversifiers.
He gave the areas of focus for the Nigeria Infrastructure Fund as agriculture, healthcare, power, toll roads and gas industrialization.
Orji said the NSIA closed key transactions and increased capital deployment on domestic infrastructure projects specifically in motorways, agriculture, healthcare, and power:
Orji said: “Operationalizing several subsidiaries of the NSIA will be a key focus especially in the healthcare sector where we have several projects in the pipeline.
“NSIA has invested in several financial companies that help develop the capital markets including Nigeria Mortgage Refinancing Company, InfraCredit, NG Clearing, Development Bank of Nigeria, and Family Homes Funds.
“We will continue to work on strengthening these entities and making new investments in companies that strengthen financial market infrastructure.”
He promised that the Authority would continue to deploy capital in vital sectors of the economy with increased focus on sectors that would engineer real growth.