The National Economic Council (NEC) on Thursday approved an additional investment of $250 million into the Nigeria Sovereign Investment Authority (NSIA).
Managing Director of NSIA, Uchechi Orji, made this disclosure to the newsmen at the end of the NEC meeting presided over by Vice President Yemi Osinbajo in Abuja on Thursday.
The body has been managing the surplus income produced from Nigeria’s excess oil reserves.
Commencing operations in October 2012, the fund was allocated an initial US$1 billion in seed capital.
An additional $0.5billion was later contributed to the fund.
Orji has disclosed the setting up of a committee to work out modalities for collaboration between the NSIA and the National Pension Commission on how to channel pension funds for investment.
He had presented NSIA’s 2018 annual report and 2019 finance update to NEC, disclosing that the agency made a profit total of N44.3 billion Naira in 2018 adding that so far in 2019 as at the end of the first six months.
He also updated the council that they have made a profit of N24 billion so far.
“This is achieved in the face of a volatile international market environment driven by the trade dispute between the United States and China as well as Brexit challenges” Orji said
NEC passed a vote of confidence in the NSIA whose activities are focused on its infrastructure fund on agriculture, road, power, healthcare projects and industrialization.
Orji said that NSIA as the manager of the Presidential Infrastructure Development Fund (PIDF) is focused on deploying capital to ensure the completion of the second Niger Bridge, Abuja-Kano Highway and Lagos-Ibadan Expressway.
“Other projects under the PIDF include the Mambila Hydro Power project and East-Ways Road.”
He announced NSIA’s intention to deploy capital in expanding its health projects, following a successful implementation of its cancer treatment project, Public-Private Partnership (PPP) with LUTH as well as a diagnostic and Radiology centre in Aminu Kano Specialist Hospital to be commissioned next month and the Federal Medical Centre Umahia PPP project which will be finished in the first quarter of next year.
“To facilitate this, the NSIA will create co-investment fund to bring other investors into these projects to ensure that get to completion and the revenue model will include tolling the roads as other opportunities to ensure that these roads are viable”, he said. The NEC also resolved to review the status of the ownership structure of the power Distribution Companies in the country.
The review is to be done by an ad hoc committee chaired by the Governor of Kaduna State, Nasir el-Rufai.
Governors representing the six geo-political zones on the Board of the Niger Delta Power Holding Company will serve on the review committee.