The National Economic Council (NEC) on Thursday approved the annual report and accounts of the National Sovereign Investment Authority (NSIA) during its meeting in Abuja.
The financial account for the year ended December 31, 2016 and an updated account for 2017 operations showed the investment agency recorded consistent profitability in all forms of its operations for five consecutive years.
The report presented by the Managing Director and Chief Executive of the Authority, Uche Orji, showed core profits of about N26.28 billion (about $88 million) in 2016.
The Delta State Governor, Ifeanyi Okowa, who briefed State House Correspondents at the end of the meeting, said NSIA also reported that it received an extra of $250 million from the federal government in the third quarter of 2017.
The authority also reported that the returns on investments on assets was up to 6.6 per cent in dollar terms.
“It is actually shifting its focus now to infrastructure and direct investment locally in the country which is of great benefit to us as a nation,” Mr Okowa siad.
On the 2017 activities of the NSIA, the governor said this included the implementation of the Presidential Fertilizer Initiative (PFI) in 2017.
He said the initiative was to rehabilitate moribund fertilizer plants in the country to allow the produce and sell the commodity at subsidized rates to farmers.
On health, Mr Okowa said NSIA commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State.
Besides, work was continuing on the second Niger Bridge in which NSIA had been involved in the past, he said.
He said NSIA was also investing in and owning 13 per cent of Bridge Academy Limited, a network of schools delivering high quality, affordable primary education to lower income earners.
The authority has plans to extend the services of the schools to other states of the federation.
Other investment initiatives by NSIA also included investments in Babagona, an agricultural franchise that empowers small holder farmers across the country.
In 2018, the NSIA said it intends to focus on executing infrastructure investment across the nation, including roads, investment in agriculture and health.
“We are hoping that all these will impact on infrastructure development and development of industrial real estates across the country,” Mr Okowa said.
At the end of the presentation, the governor said council eventually approved the account presented by NSIA.