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Home Business News Business

NEC commends NSIA over impressive 2022 financial performance, adopts its report

Chike Olisah by Chike Olisah
August 21, 2022
in Business, Business News
Africa receives $29.5 billion annually in climate financing as opposed to the $277 billion it needs - Osinbajo
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The National Economic Council (NEC) has commended the board and management of the Nigeria Sovereign Investment Authority (NSIA) over its good 2021 financial performance despite the challenging economic atmosphere.

According to a press statement issued by the Senior Special Assistant to the President on Media and Publicity (Office of the Vice President), the commendation was part of resolutions reached by NEC at its recently concluded meeting presided over by Vice President Yemi Osinbajo, SAN.

Akande in the statement said that the council adopted the report which was presented by the MD/CEO of NSIA, Mr Uche Orji, where it noted that the impressive financial results delivered by the authority underscore the resilience of its strategy.

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Highlights of NSIA impressive result

The statement noted, “For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9% from 2020. (2020: N156.5 billion). Total comprehensive income declined marginally in 2021 by 8.2% to close the year at N147.0 billion (2020: N160.1 billion).

“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others.”

State Governor express concerns over ownership of the new NNPC Limited

The Group Managing Director/Chief Executive of NNPC Limited, Mele Kyari made a presentation to the Council on “Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft”

Kyari also raised several issues including oil production and market updates. He also gave updates on the PMS supply and distribution, assuring of sufficiency.

After his presentation, State governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.

Subsequently, the Vice President directed that a sub-committee of the Council be set up to liaise with the Federal Government on all the issues.

What you should know

  • The NSIA had earlier in May said that it had reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, healthcare, technology, and gas industrialization among others.
  • It noted in its outlook, that the year 2022 will be the most challenging investment environment in the last 15 years as a combined effect of Inflation, Russia-Ukraine and covid related supply chain challenges combine to create a tough environment for most asset classes.
  • NSIA also said that it will continue to drive direct investments in its core areas of healthcare, toll roads, gas industrialisation, technology, ESG, Financial markets infrastructure, toll roads, power and agriculture

Follow us for Breaking News and Market Intelligence.
Tags: National Economic CouncilNECNSIA
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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