NEC approves $88m NSIA profits

The National Economic Council, a body made up of the 36 state Governors in Nigeria, top government officials and Central Bank of Nigeria (CBN) Governor Thursday, approved the profit of the Nigerian Sovereign Investment Authority (NSIA)

Minister of Finance, Kemi Adeosun said the NSIA reported 5^th straight year of profitability in all its funds with core profits (excluding FX transaction gains) of N26.28 billion ($88 million) for the year.

NSIA also reported that total assets under management was about US$1.25 billion for the most part of the year, as the additional contribution of $250 million was not received until the third quarter of 2017.

Adeosun noted that return on asset of NSIA was up to 6.60% in dollar terms, shifting focus to infrastructure and direct investments in Nigeria.

NSIA is currently amongst others implementing the Presidential Fertilizer Initiative (PFI) since 2017 and has commenced construction of first three healthcare projects in Lagos, Kano and Umuahia respectively.

The NSIA also own 13% of Bridge International Academics Ltd – a network of Schools which delivers affordable high-quality Primary education to lower-income families.

The organization also Invested in Babbar-Gona – an agricultural franchise that empowers smallholder farmers and will 2018, focus on executing infrastructure investments strategy in its core focus areas of Power, Toll Roads, Agriculture and Healthcare etc., in addition to exploring opportunities in other sectors of investment such as refining, transport infrastructure and industrial real estate.

Minister of Education Adamu Adamu who also briefed NEC, said NEC approved a Ministerial Strategy Plan (MSP) (2016 – 2019) for the Education Sector to the Council

Ministerial Strategy Plan (MSP) 2016 – 2019 has 10 pillars, including the out of School Children, Youth and Adult literacy, Science, Technology, Engineering and Mathematics (STEM) and Technology, Vocation Education and Training (TVET), Basic Education.

Others include the Teacher Education, Capacity Building and Professional Development, Curriculum Policy Matter, Tertiary Education, Education Data and Planning, ICT in Education and Library Services.

The presentation highlights the need for effective collaboration, cooperation and coordination by all stakeholders to consolidate the gains and successfully implement the reforms in the Ministerial Strategy Plan (MSP) 2016 – 2019.

Council noted that the standard of basic education at the State level has fallen drastically and resolved that a Committee comprising Governors of Kano, Osun, Delta, Anambra, CBN Governor and the Honourable Minister of Education should look into what needs to be done urgently in the education sector at the State level and report back to the Council.

NEC also approved the National Addressing Policy (NAP) developed by the Ministry of Communication Technology in conjunction with the Stakeholders and was approved by the Federal Executive Council (FEC) on November 27th, 2013

The policy provided the governance structure and membership in the National Addressing System Council, NAS Committee, NAS Secretariat; as well as list of strategic stakeholders

NAP Governance Structure has the Vice President as its Chairman and 18 other members, and among its function is to make guidelines and provide strategic direction for the National Addressing System.

The Committee is headed by the Minister of Communication as Chairman, with 16 other members cutting across multi-discipline, inter-agency and inter-sect oral, which function among others is to develop the implementation framework for NAS programme.

Objectives of project of to harness physical development in LGs to ensure orderliness through spatial development strategies and processes

It will also facilitate increase of the proportion of Nigerians to be formally assigned street addresses that can be authenticated in local govts’ databases where they reside

develop a standardized and Globally acceptable addressing infrastructure that support; Easy identification of locations on Geographic Information System platform, National development and enhanced socio-economic activities

Funding: NAS funding will be provided by the FG, States and LGs. Other sources are; Levies, Tariff, MDG, Donations from private/public Corporate Organizations
Update on Implementation of NAS;

Nigerian National Addressing Standards and Guidelines (NNAS&G) was developed and approved by NAS Council in October 2017 in line with the provisions of the policy