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OFFICE OF THE VICE PRESIDENT
PRESS RELEASE
NATIONAL ECONOMIC COUNCIL APPROVES ADDITIONAL $250M INVESTMENT FOR NIGERIA SOVEREIGN INVESTMENT AUTHORITY
Having received a presentation of the Nigeria Sovereign Investment Authority (NSIA) business update, and outlook, the National Economic Council on Thursday resolved to invest an additional $250 million into the NSIA, the country’s sovereign wealth fund.
The resolution was among other decisions taken at the 99th meeting of the council chaired by Vice President Yemi Osinbajo, SAN, in Abuja.
NEC is composed of the 36 State Governors, CBN Governor, the FCT Minister and other Federal Government representatives.
In his presentation to NEC, the NSIA Managing Director, Mr Uche Orji said the agency made a profit before tax of N42,036,469 while NSIA and its subsidiaries made a profit before tax of N46,185,074.
According to him, \u201cthe total comprehensive income by the year ending 31st December, 2018 made by the NSIA Group amount to N44,337,108, while the amount made by the NSIA stood at N41,827,853.
\u201c\u2026irrespective of volatility in the market due to the US\/China trade disputes and Brexit, the Group made a total of N24 billion in total comprehensive income in the first 6 months of the year.\u201d
The NSIA had earlier told council that it intends to \u201cdeploy Capital into the three road projects under the Presidential Infrastructure Development Fund \u2013 to complete the Second Niger Bridge, Abuja \u2013 Kano highway and Lagos \u2013 Ibadan Express way as well as the Mambilla Power Project.
\u201cThat the NSIA intends to create a number of co-investment funds, in the area of Healthcare, Agriculture and Gas Projects.
\u201cThese projects worth N2.5 trillion, will be implemented under a business model, that includes the payment of reasonable service charges (e.g. tolling of roads, electricity tariffs etc) after the projects have been fully developed.\u201d
Besides the additional $250 million, NEC also resolved that the “Governor of Kaduna State should chair a NEC Committee to consider how a portion of Pension Funds can also be leveraged into investment for the NSIA with possible involvement of PENCOM.
\u201cThe Committee will include the Finance Minister, CBN Governor and the NSIA MD.\u201d
On the presentation by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite on the development of the solid minerals sector, the Council resolved that \u201cthere should be collaboration between the Federal Ministry of Mines and Steel Development and the State Governments on environmental issues and concerns in the States.\u201d
Regarding community relationship with the miners, it was agreed that there should be a full time engagement of the communities to avoid the mistakes made in the oil and gas sector.
Council also resolved that the Governor of Ekiti State and Chairman, Nigeria Governor\u2019s Forum (NGF) should constitute an Ad-hoc Committee involving Governors to engage with the Federal Ministry of Mines and Steel Development to find ways of addressing all the issues involved towards a beneficial development of the solid mineral sector.
On updates involving the Excess Crude Account (ECA), Stabilization Account and the Natural Resources Development Fund Account, the Accountant General of the Federation told Council that \u201cthe Excess Crude Account (ECA) balance as at 20th November, 2019 stood at 324,539,031.51, while the Stabilization Account balance as at 20th November, 2019 was N29, 480, 483, 393.33, and Natural Resources Development Fund Account balance as at 20th November, 2019 stood at N 79, 751, 649,521.54.
Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
21st November, 2019<\/p>\n","protected":false},"excerpt":{"rendered":"
OFFICE OF THE VICE PRESIDENT PRESS RELEASE NATIONAL ECONOMIC COUNCIL APPROVES ADDITIONAL $250M INVESTMENT FOR NIGERIA SOVEREIGN INVESTMENT AUTHORITY Having received a presentation of the Nigeria Sovereign Investment Authority (NSIA) business update, and outlook, the National Economic Council on Thursday resolved to invest an additional $250 million into the NSIA, the country’s sovereign wealth fund. […]<\/p>\n","protected":false},"author":2,"featured_media":2054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,14],"tags":[],"yoast_head":"\n