Investor Relations

Q3 2019 Financial Statements

Table of Content
  1. General information
  2. Directors’ report
  3. Statement of directors responsibilities
  4. Independent auditor’s report on the financial statements
  5. Statement of comprehensive income
  6. Statement of financial position
  7. Statement of changes in equity
  8. Statement of cash flows
  9. Notes to the financial statements
  10. Other national disclosures:
  11. Value added statement
  12. Five year financial summary
Q3 2019 Financial Statements

2013

Total market value
0

2014

Total market value
0

2015

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0

Total comprehensive income increased to N26.3 billion representing a 67% growth.

 

Investment income grew by 47% to close at N5.8 billion.

Total Assets recorded a growth of 20% to N213.66 billion at year end.

$250 million of additional capital was approved for allocation to the Authority.

On-boarded 5 Private Equity (PE) fund managers, 4 are Nigerian-based, bringing NSIA’s total commitments to PE fund managers to 24.

Strengthened NSIA’s infrastructure intervention framework through co-investment collaborations with other institutional investors.

2016

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0

Total Comprehensive Income increased to N149.83bn representing a 469% growth.

 

Total Assets recorded a growth of 97% to N420.93bn as at year end

Over the period, the NSIA sustained its infrastructure strategy, anchored on three pillars:
i) direct investment,
ii) co-Investment, and
iii) creation of institutions to support infrastructure development. NSIA’s five-year
infrastructure rolling investment plan covers: Agriculture, Healthcare, Motorways, Power
and Real Estate

2017

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0

Total comprehensive income (including the impact of foreign exchange gains) of N27.93 billion (previous year: N149.83 billion).

 

 

Total comprehensive income (excluding the impact of foreign exchange gains) of N26.28 billion (previous year: N46.24 billion).

Total Assets recorded a growth of 27% to N533.88 billion at year end (previous year: N420.93 billion):

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.

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.

The Stabilisation Fund returned: 5.17%

The Future Generations Fund returned: 6.05%

The Nigeria Infrastructure Fund returned: 3.50%

2018

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0
20%
50%
30%

Total comprehensive income (including the impact of foreign exchange gains) of N44.34 billion (previous year: N27.93 billion).

 

 

Total comprehensive income (excluding the impact of foreign exchange gains) of N26.29 billion (previous year: N26.28 billion).

Total Assets recorded a growth of 16% to N617.70 billion at year end (previous year: N533.88 billion):

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.

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.

Stabilisation Fund (100% Funds deployment): 7.2%

Future Generations Fund (81% fund deployment): 8.3%

Nigeria Infrastructure Fund (17% fund deployment): 7.7%

2019

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0

Recorded Total comprehensive income of N36.15 billion in 2019 (previous year: N44.34bn)

 

Recorded a 5% growth in Total Assets to N649.84bn as of year-end (previous year: N617.70 bn)

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)..

Areas of Focus for the Nigeria Infrastructure Fund remain, Agriculture, Healthcare, Power, Toll Roads and Gas Industrialization.

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.

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.

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.

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.

2020

Highlights of NSIA’s activities and performance during the period are as follows:
Total market value
0

Recorded 343% growth in Total Comprehensive Income to N160.06 billion in 2020 (previous year: N36.15 bn).

Excluding devaluation gain of N51bn, core income of N109bn compared to N33.07bn in 2019.

Achieved 33% growth in Net Assets to N772.75 bn (previous year: N579.54 bn).

Received additional contribution of US$250 mn; and provided first stabilization support to the FGN of US$150mn withdrawn from Stabilisation Fund.

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.

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.

Key highlights of activities in the NIF include Toll Roads: Reached major milestones across domestic infrastructure projects specifically in motorways, agriculture, and healthcare

SF performed well given the economic climate and ultra-low interest rates set by central bankers

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%.

2021

As of year-ended December 31, 2021, highlights of NSIA's performance and activities are as follows:
Total market value
0
SF Allocation: 20% allocation
SF Funds: US$274 million
FGF Allocation: 30% allocation
FGF Funds: US$892 million
NIF Allocation: 50% allocation
NIF Funds: US$921million

Recorded 9th year of continuous earnings in spite of volatility and cyclical risks across markets.

Total Comprehensive Income of N147.0 billion in 2021 a decline of 8.2% relative to 2020 at N160.1 billion; inclusive of FX gains of (N45.8 billion in 2021 and N51.2 billion in 2020).

Total operating income - Core income (exclusive of FX gains) of N100.8 billion in 2021, down 8.0% compared to 109.6 billion in 2020.

Net Assets grew 19.0% to N919.73 billion in 2021 (2020: N772.75 billion).

Total Assets grew 25.1% to 1.228 trillion in 2021 (2020: N981.78 billion).

The Future Generations Fund returned 12% (in USD terms) for the year, with Private Equity, Developed Equity, and Hedge funds being the best performers in 2021.

The Future Generations Fund returned 12% (in USD terms) for the year, with Private Equity, Developed Equity, and Hedge funds being the best performers in 2021.

The Stabilisation Fund returned 1.60% (in USD terms) for the year, with the structured products sub-set returning 3.69% (in USD terms) for the year.

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