2023 Annual Report
Table Of Content
| INTRODUCTION | 02 |
| About NSIA | 04 |
| The Mandate Funds | 05 |
| Our Corporate Philosophy | 05 |
| Chief Executive Officer’s Statement | 06 |
| Investment Milestones | 08 |
| FUNDS MANAGEMENT | 12 |
| Market Overview | 14 |
| The Future Generations Fund | 18 |
| The Stabilization Fund | 20 |
| The Nigeria Infrastructure Fund | 21 |
| Third-Party Managed Funds | 27 |
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Total comprehensive income increased to N26.3 billion representing a 67% growth.
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Investment income grew by 47% to close at N5.8 billion. |
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Total Assets recorded a growth of 20% to N213.66 billion at year end. |
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$250 million of additional capital was approved for allocation to the Authority. |
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On-boarded 5 Private Equity (PE) fund managers, 4 are Nigerian-based, bringing NSIA’s total commitments to PE fund managers to 24. |
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Strengthened NSIA’s infrastructure intervention framework through co-investment collaborations with other institutional investors. |
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Total Comprehensive Income increased to N149.83bn representing a 469% growth.
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Total Assets recorded a growth of 97% to N420.93bn as at year end |
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Over the period, the NSIA sustained its infrastructure strategy, anchored on three pillars: |
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Total comprehensive income (including the impact of foreign exchange gains) of N27.93 billion (previous year: N149.83 billion).
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Total comprehensive income (excluding the impact of foreign exchange gains) of N26.28 billion (previous year: N46.24 billion). |
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Total Assets recorded a growth of 27% to N533.88 billion at year end (previous year: N420.93 billion): |
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68% of asset growth attributed to National Economic Council (NEC) Contribution: Additional $250 million allocated by NEC at the 2016 Governing Council Meeting received in Q3 2017. |
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Presidential Fertiliser Initiative: NAIC-NPK Ltd a wholly owned NSIA subsidiary produced 8 million bags of fertiliser with equivalent of 2 million bags carried over as inventory; over $100 million capital injection. |
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The Stabilisation Fund returned: 5.17% |
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The Future Generations Fund returned: 6.05% |
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The Nigeria Infrastructure Fund returned: 3.50% |
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Total comprehensive income (including the impact of foreign exchange gains) of N44.34 billion (previous year: N27.93 billion).
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Total comprehensive income (excluding the impact of foreign exchange gains) of N26.29 billion (previous year: N26.28 billion). |
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Total Assets recorded a growth of 16% to N617.70 billion at year end (previous year: N533.88 billion): |
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Gross sum of US$417.46 million (US$350 million principal plus returns) repaid to the Nigeria Bulk Electricity Trading Company Plc (“NBET”) following the expiration of the 4-year investment term. |
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Presidential Infrastructure Development Fund (PIDF): Received US$ 650million from NEC and commenced capital deployment across three of the major road projects under PIDF including 2nd Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road. |
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Stabilisation Fund (100% Funds deployment): 7.2% |
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Future Generations Fund (81% fund deployment): 8.3% |
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Nigeria Infrastructure Fund (17% fund deployment): 7.7% |
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Recorded Total comprehensive income of N36.15 billion in 2019 (previous year: N44.34bn)
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Recorded a 5% growth in Total Assets to N649.84bn as of year-end (previous year: N617.70 bn) |
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Excluding foreign exchange gain of N18bn in 2018 and N1.28in 2019, the net income in 2019 was N34.87bn (compared to N26.28bn in 2018).. |
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Areas of Focus for the Nigeria Infrastructure Fund remain, Agriculture, Healthcare, Power, Toll Roads and Gas Industrialization. |
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Asset allocation strategy remains stable across the various funds: Future generations fund remains 25% public equities, 25% private equity, 25% Absolute Returns and 25% Other diversifiers. |
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Presidential Infrastructure Development Fund (PIDF): As of year-end 2019, the total sum of ₦181.9bn had been deployed across all three projects Under the PIDF namely the 2nd Niger Bridge, Lagos– Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road. |
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Nigeria Stab. Fund: Fund Balance is N33.365bn (N20.814bn as of 31 Dec 2018) Commenced allocation to venture capitals (VC) as a key asset classes Refreshed and significantly changed our managers in the hedge fund asset class to leverage upside risks. |
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Presidential Fertiliser Initiative (PFI): Delivered 6.5mn 50kg bags of NPK 20:10:10 in 2019, bringing total deliveries since inception ~20mn bags Increased accredited participating blending plants to 31 plants as of year-end 2019 from 18 plants in 2018. |
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Recorded 343% growth in Total Comprehensive Income to N160.06 billion in 2020 (previous year: N36.15 bn). |
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Excluding devaluation gain of N51bn, core income of N109bn compared to N33.07bn in 2019. |
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Achieved 33% growth in Net Assets to N772.75 bn (previous year: N579.54 bn). |
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Received additional contribution of US$250 mn; and provided first stabilization support to the FGN of US$150mn withdrawn from Stabilisation Fund. |
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Received US$311mn from funds recovered from late General Abacha from the US Dept of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and Second Niger Bridge. |
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In US$ returns Venture Capital investments were up 29% in US$ terms, Hedge Funds up 11%, Emerging Long Only Equity Mangers up 22%, Developed Long only equity managers up 19% and Private Equity up 13% for the year. |
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Key highlights of activities in the NIF include Toll Roads: Reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, and healthcare |
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SF performed well given the economic climate and ultra-low interest rates set by central bankers |
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The future generation funds following asset classes were standout performers in the year: In US$ returns Venture Capital investments were up 29% in US$ terms, Hedge Funds up 11%, Emerging Long Only Equity Mangers up 22%. |
