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Consolidated and separate financial statements for the year ended 31 December 2021
Table of Content
1. General information
2. Directors’ report
3. Statement of directors’ responsibilities
4. Independent auditor’s report on the financial statements
5. Consolidated and separate statements of comprehensive income
6. Consolidated and separate statements of financial position
7. Statements of changes in equity
8. Statements of cash flows
9. Notes to the financial statements
10. Other national disclosures:
11. Value added statements
12. Five year financial summary
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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%. |
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Recorded 9th year of continuous earnings in spite of volatility and cyclical risks across markets. |
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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). |
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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. |
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Net Assets grew 19.0% to N919.73 billion in 2021 (2020: N772.75 billion). |
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Total Assets grew 25.1% to 1.228 trillion in 2021 (2020: N981.78 billion). |
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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. |
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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. |
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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. |
