The Nigeria Sovereign Investment Authority (NSIA), has said it would focus on key priority areas as it strives to attract investments.
Speaking on Thursday at the Media Engagement – NSIA 2023 Earnings Presentation, Managing Director/Chief Executive Officer of the Authority, Aminu Umar-Sadiq, said NSIA’s strategic priorities has been designed to bolster its foundational operations and workforce, elevate efficiency and overall effectiveness as well as initiate outward-facing projects.
The four priority areas include, Enhanced fiscal responsibility; Attracting foreign investment; Environmental, Sustainability and Governance partner of choice; Long-term saving mechanism; and Effective project execution.
He said, “So in terms of our strategic priorities, I think there are four. The first is all of these subsidiaries that we have mentioned to continue to operationalize them to make sure that they actually are able to disburse that attract capital operationalize effectively so that they become kind of household names that are previous subsidiaries like Development Bank of Nigeria, Nigeria mortgage financing company into Infracredit already have.
“And then the second is around operational excellence and efficiency. We have a very broad and ambitious digitization and distribution strategy. We have a lot of cost efficiency strategies to continue to outperform on the cost efficiency side as effectively as we continue to do on the financial performance side.
“The third is around innovation and strategic growth. So continue to focus on those new sectors continue to lead the pioneering and transformative in terms of the initiatives that we put in place.
“And then lastly, and importantly, continues to build strong stakeholder relationship management with our regulators, with our strategic partners, with our DFIs to ensure that we continue to undertake all of our pretty broad mandates as seamlessly as possible.”
In its 2023 financial report released on 28th of March, the NSIA stated that it raked in a Profit After Tax of N1.184 trillion up from N102.351 trillion representing a 1,122 per cent growth over the 2022 figures.
In its 11 years of operations, the Authority continues to record positive earnings with a cumulative growth rate of 117.3 per cent. This is despite the challenging global macroeconomic and geo-political landscape.
Also, net assets grew 119 per cent to ₦2.22 trillion in Dec-23 (Dec-22: ₦1.02 trillion).
“NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes,” it said.
The Director General while noting that NSIA is not only focused on making money but also impacting lives, said its impact have been seen in the number of employment it has been able to generate in the economy.
Reeling out the figures, Umar-Sadiq said more than 245,000 direct jobs and an estimated 200,000 indirect jobs have been created across various sectors of the economy.
He said the fertilizer blending plant in Akwa Ibom would help to address the issue of over-reliance on imported raw materials.
“The MRPL is called the multiple choice industrial platform project. It is actually an offshoot of the presidential fertilizer initiative. So the Presidential fertilizer initiative briefly is a backward integration strategy so that we can start supplying blended NPK in Nigeria.