The Nigeria Sovereign Investment Authority (NSIA) recorded N15.7 billion profit in 2014 from $1 billion initial sovereign fund contributed by the government.
The Managing Director of the NSIA, Uche Orji told reporters after a meeting with President Muhammadu Buhari on Wednesday as he discussed commitment of the NSIA on the Second Niger Bridge, healthcare, agriculture and power with the President.
Orji noted that the Sovereign Wealth Fund (SWF) is being affected by the falling crude oil prices in the international market.
He said “We haven’t gotten additional fund from the government, but the fund is structured in a way that it can go through hard time. We all know oil price is volatile. It goes up and it comes down, but we have structured the fund such that it can remain consistently profitable,” he said.
On the second Niger Bridge Project, Orji stated that the NSIA Motorways Investment Company had partnered with Julius Berger Investment to become preferred bidder for concessioning.
“We are still going through the process of signing the concession agreement so we become the concessionaire. But to do all of that, we have to prepare the project,” the NSIA boss said.
Mr Orji further explained that the investments the NSIA had made so far was in project preparation, “making sure that the environmental and social impact assessment is made”.
He said that the project preparation phase had cost the Authority $2.2 million.
The Second Niger Bridge is a significant project that will have three lanes on each side of the dual carriage road.