NEWS AGENCY OF NIGERIA
Critical thinking key to nation building— Don
General News

Critical thinking key to nation building— Don

256 total views today

By Suleiman Shehu

Nigerians have been advised to engage in critical thinking and responsible decision making in order to fast-track the development of the nation.

Prof. Muritala Kareem, a lecturer at the Department of Arabic and Islamic Studies, University of Ibadan, gave the advise on Monday in Ibadan.

The News Agency of Nigeria (NAN) reports that Kareem spoke at a quarterly lecture organised by the Criterion Association of Muslim Women in Business and Professions, Oyo District.

The lecture is titled “Islamic Perspectives on Positive Thinking and Capacity Building: Critical Thinking and Self Appraisal Skills for Success in Life and Hereafter”.

According to Kareem, many Nigerians now regret their actions due to some critical decisions taken impatiently.

The don, who’s the event’s guest lecturer, said that patience, positive thinking, and contentment with prayer were vital for peaceful coexistence in society.

“If you think critically but positively about other human beings, and are content with what God has given you, you will not hurt your fellow human beings, and there will not be any chaos in society.

“A lot of Nigerians are facing challenges in their daily activities because they are not patient; think critically before taking decisions and don’t have a negative mindset about others,” he said.

He said that patience, contentment, prayer and having a positive mindset about others would resolve many of the challenges confronting individuals in Nigeria.

“Appraising yourself and seeking knowledge will give you the opportunity to correct your wrongdoings and be closer to God,” he said.

He further called on Nigerians to always live with the fear of God and shun internet fraud and cheating others.

He noted that everyone would surely reap what he or she had sown, either positively or negatively.

The event’s host, Alhaja Anifat Olubode, called on Muslims to always be positive-minded, satisfied with what they have and grateful to God.

Olubode further urged them to refrain from imitating people who could influence them badly and continue to be prayerful to overcome their challenges.

Earlier, the Ameerah of the Association, Prof. Morufat Balogun, said the lecture was set to address issues of inferiority complex, medical health challenges and other negativities in society.

Balogun said the lecture aimed to sensitise Nigerians on the importance of contentment.

According to her, everyone has at least one blessing from God that can be improved.

She said Islam prescribed the handling of all circumstances with prayer.

The association’s Chairperson of Dawah Committee, Alhaja Sakirat Ibrahim, called on Muslims to trust in God and believe that only He could help them overcome their challenges.

Ibrahim urged them to focus on things beneficial to humanity in general to earn their reward on earth and the day of judgment. (NAN)(www.nannews.ng)

Edited by Moses Solanke

DEPOWA President charges women on physical exercise
Life Style , Sports

DEPOWA President charges women on physical exercise

266 total views today

By Sumaila Ogbaje

The President, Defence and Police Officers’ Wives Association (DEPOWA), Mrs Oghogho Musa, has charged wives of military personnel to remain active and healthy through physical exercise and regular health checks.

Musa made the call at the Fitness Health Walk organised by the Naval Officer’s Wives Association (NOWA), on Saturday in Abuja.

She was represented by the Coordinator, Defence Space Administration Officers Wives Association (DSAOWA), Mrs Rukayat Oluwatoyin.

According to her, small actions, like taking a walk, could have a profound impact on lives as a move toward better mental clarity, stronger hearts, and healthier futures.

“It is not just about the miles, it is about the mindset. It is about making a choice to prioritize our well-being and to continue taking those steps, no matter how small, every single day.

“The momentum we have built today can carry us forward to even greater health achievements. Whether it is continuing to walk, choosing healthier meals, staying active with loved ones, or simply taking time to care for ourselves – every action counts.

“Stay active, stay healthy, and let us keep walking toward a brighter, stronger future,” she said.

The National Vice President of NOWA, Mrs Zainab Akpan, said that walking was one of the simplest yet most powerful forms of physical activity.

According to Akpan, it improves cardiovascular health, strengthens muscles and bones, supports joint health, reduces stress, and boosts mood.

She said that studies had shown that just 30 minutes of brisk walk a day can significantly reduce the risk of heart disease, stroke, type two diabetes, and certain cancers.

Akpan said the walk was not just about physical fitness, but about holistic well-being.

“Let us walk together-not just for ourselves, but for the message we send, but that health is a priority.

“Regular walking supports mental health, improves sleep, and helps manage anxiety and depression.

“Today, we are walking for our health-but also to raise awareness, build community, and promote a culture where movement is part of everyday life,” she said.

Akpan urged the women to always note that a fitness health walk was one of the best ways to stay active without needing special equipment or a gym membership.

A health expert, Dr Uduak Aboh said that physical exercises like walking could help reduce the risk of diseases such as diabetes, hypertension, cardiovascular diseases, among others.

She also urged women to maintain occupational, emotional and physical wellness through regular checks and exercises. (NAN) (www.nannews.ng)

Edited by Edith Bolokor and Yakubu Uba

FG backs Chinese language learning initiative
Education

FG backs Chinese language learning initiative

371 total views today

By Sarafina Christopher

The Federal Government has reaffirmed its commitment to promoting the learning of the Chinese language across the country.

Mrs Larai Ahmed, Director of Education Support Services at the Federal Ministry of Education, stated this during the International Chinese Language Day celebration on Friday in Abuja.

She noted that learning Chinese would deepen collaboration in trade, education, and cultural exchange, reflecting its growing global influence.

Ahmed emphasised that language is a powerful tool for communication and mutual understanding among nations.

She said the government recognises that learning Chinese provides access to China’s rich culture and helps strengthen diplomatic ties.

“With around 1.39 billion native speakers, Chinese is the most spoken language globally,” she pointed out.

She added that proficiency in Chinese opens new economic opportunities, especially in trade and investment.

Ahmed said the government’s initiative supports Nigeria’s goals to strengthen partnerships with China across multiple sectors.

She revealed that Nigeria had already made progress, including establishing the China Cultural Centre in Abuja.

“This centre, along with others nationwide, offers essential resources for Nigerians interested in learning Chinese,” she said.

She also noted the importance of the Bilateral Educational Agreement signed with China.

According to her, the agreement has enabled many Nigerian scholars to study Chinese language and culture.

“The Ministry plans to introduce Chinese programmes in selected schools and universities nationwide,” Ahmed added.

She said the initiative would enrich students’ experiences and prepare them for a globalised world.

Ahmed expressed gratitude to Chinese partners for their continued support and collaboration.

Mr Liu Zhanping, Deputy Director of the China Cultural Centre in Nigeria, said Chinese Language Day is a global celebration for Chinese language enthusiasts, aiming at promoting Chinese language and cultural exchange.

“As one of the world’s oldest yet most dynamic languages, Chinese embodies profound cultural wisdom.

“Each Chinese character resembles a unique painting, its strokes tracing the historical legacy and spiritual essence of the Chinese civilization over millennia,” he said.

Liu noted that the China Cultural Centre has been teaching Chinese since its founding in 2013.

He noted that many residents in Abuja take advantage of learning opportunities at the centre.

Liu praised Nigeria’s linguistic richness, highlighting Hausa, Igbo, and Yoruba as important global languages.

He encouraged investment in language preservation and bilingual education to support linguistic diversity.

Liu also reaffirmed commitment to advancing Chinese education and cultural exchange initiatives in Nigeria.

“We are willing to work together with the Nigerian side to take practical measures to promote mutual learning between civilizations, deepen people-to-people and cultural exchanges, and write a new chapter in China-Nigeria friendship,” he said. (NAN) (www.nannews.ng)

Edited by Benson Ezugwu / Kamal Tayo Oropo

Chinese envoy says U.S. tariffs may trigger global recession
Foreign

Chinese envoy says U.S. tariffs may trigger global recession

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By Sarafina Christopher

Chinese Ambassador to Nigeria, Yu Dunhai, has said that the current U.S. tariff policy could trigger a severe global economic downturn, which could also in turn hurt the U.S. economy.

He gave the warning at a news conference on Friday in Abuja, cautioning that the U.S.’ aggressive trade tactics, which put maximum pressure on its trading partners, could ultimately backfire.

According to him, the U.S. is essentially working against itself because the ongoing tariff battle may harm the interests of the U.S., as well as its allies.

Citing insights from some U.S. intellectuals, Yu pointed out that many of the challenges facing the U.S. were the result of its internal conflicts.

Yu stressed the importance of focusing on addressing domestic issues rather than attributing blame to external entities.

He decried the impact of the U.S.’ isolationist approach and zero-sum games on the global stage, and its potentially severe consequences.

“By disregarding international cooperation and escalating the trade conflict, the U.S. runs the risk of fueling inflation.

“This will undermine its industrial sector, instigate market upheaval, thereby heightening the possibility of an impending economic recession,” he said.

He cited economic indicators in the U.S., such as a recent CBS survey showing significant opposition to tariffs among American voters and a notable spike in inflation rates, particularly food items.

Yu noted that Goldman Sachs’ revised projections of an increased likelihood of a U.S. recession further underscored the gravity of the situation.

He added that global institutions like the International Monetary Fund had also issued warnings that U.S. tariffs could lead to a substantial reduction in global economic growth.

This, he said, would negatively impact trade volumes and disproportionately affect developing nations, particularly African countries.

The ambassador also critisised the U.S. for targeting African nations under what he described as the false premise that trade surpluses were tantamount to unfair practices.

He noted that such actions would culminate in adverse consequences, including currency devaluation and market instability across the African continent.

Yu said that the potential consequences of such tariffs on African economies could impede their growth trajectories.

He added that these would pose challenges to ongoing industrialisation and poverty alleviation efforts, ultimately jeopardising the progress of the continent.(NAN)(www.nannews.com.ng)

Edited by Mark Longyen

Minister tasks engineers on advancing policies to foster thriving sector
General News

Minister tasks engineers on advancing policies to foster thriving sector

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By Angela Atabo

The Minister of Labour and Employment, Muhammad Dingyadi, has charged construction and civil engineers to advance policies that promote a thriving construction sector in Nigeria.

Dingyadi made this call at the inauguration of the Construction and Civil Engineering Senior Staff Association of Nigeria (CCESSA) ultra-modern national secretariat building on Thursday in Kuje,Abuja.

He also urged the industry to prioritise sustainable building practices, invest in capacity development, and uphold the highest standards of professionalism and safety.

He said, “As we celebrate this significant milestone, let us reaffirm our unwavering commitment to the growth and progress of the construction industry ,a sector that serves as the bedrock of national development.

“The infrastructure we build today lays the foundation for tomorrow’s prosperity, shaping the future of our cities, industries, communities and economy.

” I wish to reiterate the importance the government attaches to its relationship with its social partners ,the labour unions.

“There is no gainsaying to the fact that you are a critical stakeholder in our quest and commitment to maintaining a healthy and sound industrial relations climate in Nigeria.”

Dingyadi praised the association’s commitment to quality structures and preventing building collapses adding that engineering profession had made significant progress in minimising such incidents.

The President of the Trade Union Congress(TUC),Festus Osifo,said there was the need to correct the impression that the construction engineers were responsible for building collapse.

Osifo said no building collapse had been linked to any registered engineer or construction company.

He added, “So, the problem is that we have building collapses because the people that are putting those structures in place hire quacks people without certification.

“In CCESSA, we have people that are authority.

“We have people that are experienced and are registered civil engineers they understand what it takes to build a house, roads and bridges.”

Osifo condemned the casualisation of some construction workers to reduce cost describing it as a national tragedy.

He said this cut across across all the various affiliates and the unions were working to correct it.

Also speaking the National President of CCESSA,Ayodeji Adeyemo,said the inauguration of the CCESSA secretariat marked a new beginning and a beacon for construction and civil engineering excellence in Nigeria.

Adeyemo said the new CCESSA secretariat would serve as a aub for knowledge sharing, professional growth, and networking among members.

He called for unity and innovation in achieving excellence in the construction sector.

Adeyemo “Today, we celebrate not only the physical structure that will serve as our headquarters but also the spirit of collaboration, innovation, and excellence that defines our organisation.

“As we gather here, we embody the unity and solidarity that have always characterised our great nation, Nigeria.

“This secretariat represents a hub for knowledge sharing, professional growth, and networking among our members.

“I have no doubt that it will become a beacon for construction and civil engineering excellence in Nigeria, illuminating the path to progress and development. ”

He added that the two books ‘Occupational Health and Safety with Guidelines in Excelling in Local and International Examinations’ and ‘Occupational Health and Safety Simplified_were also launched.

He said the books would help to share knowledge, best practices, and researches in the construction and civil engineering fields.(NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

Gateway Games will test Nigeria’s sports reforms- Dikko
Sports

Gateway Games will test Nigeria’s sports reforms- Dikko

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By Muhyideen Jimoh

The Chairman of the National Sports Commission (NSC), Malam Shehu Dikko, says the upcoming National Sports Festival (NSF) in Ogun will serve as a major test of the  Federal Government’s ongoing sports reforms.

The News Agency of Nigeria (NAN) reports that the festival termed ‘Gateway Games’ is slated for May 16 to May 30.

Dikko stated this while delivering a keynote address virtually from Milan, Italy, at the opening ceremony of the Extraordinary National Council on Sports meeting on Tuesday in Abeokuta.

“An Olympics-standard National Sports Festival in Abeokuta will be the true test of the ongoing reforms in the Nigerian sports sector,” he said.

Dikko commended President Bola Tinubu for the bold decision to replace the Federal Ministry of Sports with the NSC.

He said  that the decision marked a significant turning point for the sector.

“Mr President is known  for taking very bold decisions. The decision to reintroduce the NSC was a very bold one and truly challenged us.

“We aligned with the President’s Renewed Hope and Shared Prosperity agenda by launching the Renewed Hope Initiative for the Nigerian Sports Economy (RHINSE).

“This reform agenda has taken us down a road less traveled,we are no longer competition-driven but focused on the holistic development of sports, from grassroots to elite levels,” he said.

The NSC boss emphasised the need for private sector involvement, infrastructure upgrades, and greater attention to grassroots and school sports.

“We must prioritise talent development. If done right, Nigeria can generate significant revenue through the export of sporting talent.

“The goal is to make sports a major contributor to the national economy,” he added.

He said the 22nd National Sports Festival in Abeokuta should set a new benchmark and aim for an Olympics-standard event that defines future editions.(NAN)(www.nannews.ng)

Edited by Joseph Edeh

I’m honoured to be named spokesperson of the year – Soneye
General News

I’m honoured to be named spokesperson of the year – Soneye

291 total views today

By Emmanuella Anokam

Mr Olufemi Soneye, Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC Ltd), says he will continue to raise the bar in public communication and also serve the Nigerian public with integrity.

Soneye said this on Thursday in Abuja in an interview with the News Agency of Nigeria (NAN) following his emergence as the Nigerian Institute of Public Relations (NIPR) Spokesperson for 2025.

“I am deeply honoured to be named Spokesperson of the Year by the NIPR. This recognition is not mine alone, it belongs to the exceptional team I work with every day.”

NAN reports that Soneye brushed aside other contestants in a keen contest by the nominees at the NIPR 2025 award held in Abuja on Wednesday night.

He defeated Shell Petroleum’s Igo Weli, Nigeria Police Force spokesman, ACP Olumuyiwa Adejobi, Sifax Group Olumuyiwa Akande, and Nigerian Maritime Administration and Safety Agency (NIMASA) spokespersons, Mr Osagie Edward, to clinch the award.

His triumph in the NIPR 2025 award started from the category of the Distinguished Spokesperson (Oil and Gas) from which he outran Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike and Shell Petroleum, Igo Weli.

Soneye, while reacting to the award, said that he made a vow to be a transparent and professional spokesperson, committed to timely, accurate and impactful communication.

“This award reinforces our shared dedication to raising the bar in public communication and serving the Nigerian public with integrity.

“As I always say, NNPC is our collective asset and belongs to all Nigerians.

“We remain committed to keeping the public informed and involved in our activities, as we continue to ensure energy security for our nation,” he said.

Dr Shaibu Hussein, Chairman, Adjudication Committee, said the award selection process was rigorous and demanding.

Hussein, who was represented by a member of the committee, Lami Tuiaka, said that Soneye’s victory was predicated on his communication skills, crisis management and overall impact.

“Soneye’s capacity to shape public opinion also stood him out from the crowd of other spokespersons.

“Our committee, comprising communication scholars, PR practitioners and media personalities worked tirelessly to review the nomination, assess performances and deliberate on the winner.

“I must report that we carefully examined each nomination, considering factors such as communication skills, crisis management and overall impact,” Hussein said.

It would be recalled that Soneye had in 2024 defeated the spokesperson of Shell Companies in Nigeria, Michael Adande and the spokesperson of Indorama Eleme Petrochemicals Limited, Dr Johnson Nkwocha to clinch to the “Distinguished Spokesperson in Oil and Gas” award.

In 2025, the NIPR depicted Soneye as a “diligent” spokesperson, describing him as a “strategist”. (NAN)(www.nannwws.ng)

Edited by Emmanuel Afonne

MC Tagwaye declares interest in 2026 AMAC chairmanship election 
Politics

MC Tagwaye declares interest in 2026 AMAC chairmanship election 

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By Emmanuel Oloniruha

Mr Obinna Simon, popularly known as MC Tagwaye, has officially declared his intention to contest for the chairmanship of Abuja Municipal Area Council (AMAC) in the 2026 election on the platform of Social Democratic Party (SDP).

Simon disclosed this at a news conference in Abuja on Wednesday, highlighting his commitment to transforming the local government and addressing long-standing issues.

He promised more inclusive, progressive and sustainable AMAC, if elected as the council’s next chairman.

“My vision for AMAC is one of progress, inclusivity and sustainable development.

“I am driven by a profound conviction that I can catalyse transformative changes in AMAC by championing causes that uplift marginalided communities and advocate for policies that tackle our most pressing challenges,” he said.

While recalling his background as an educator with over eight years of teaching experience, MC Tagwaye announced his plans to prioritise education in AMAC.

“The first thing I will do as chairman is declare a state of emergency in education.

“Our children deserve quality education that prepares them to compete nationally and globally,” he said.

While evaluating the current AMAC administration, MC Tagwaye said: “My rating for the current administration is very low.

“Over 70 per cent of residents in AMAC do not even know who the chairman is, which reflects a leadership absence from the community.

“I personally visited all the 12 wards of AMAC, and there is a stark picture of neglect and poor infrastructure.

“There are places where vehicles can’t even reach. The roads are terribly bad. In a community in Sauka, a school which my foundation visited, teachers and students often have to use neighbouring homes or even the bush as toilets.

“This is in the FCT, just on the way to the airport,” he said.

The chairmanship hopeful called on residents of the council area to support his aspiration, saying that they should work together for a brighter future.

“I ask for your support, your vote and your prayers. Together, we can make a difference,” he said.

He expressed deep satisfaction with SDP, describing the party’s support as “tremendous” and as one free from internal crises plaguing other political parties.

“I have no regret joining SDP. The way they have treated me and my aspirations has been extremely wonderful. I encourage a lot of people to come to SDP,” he said.

He criticised the current AMAC chairman’s recent defection to another party, describing it as a sign of lack of direction and commitment to the people.

“At my age, I should leave legacies. That is why I’m coming to bring new ideas, experience and education to the table,” he said.

MC Tagwaye’s Campaign Director-General, Malam Abubakar Bello, described the event as a significant milestone in Nigeria’s journey toward effective leadership and grassroots development.

Bello explained that Nigeria’s leadership had historically been centered around national figures like presidents and ministers, while local governance often remained neglected.

“Local governance in Nigeria, including AMAC, lacks essential services, while education is under-funded and poorly managed.

“Schools lack proper infrastructure, with children still sitting on bare floors, deprived of seats and learning materials.

“This stark reality underscores the urgent need for grassroots leadership that can bring tangible change from the ground up,” he said.

Bello urged Nigerians to support the new leadership, emphasising that Nigeria’s future depends on collective efforts, resource allocation and unwavering support for leaders who genuinely serve the people. (NAN)(www.nanannews.ng)

Edited by Yinusa Ishola/’Wale Sadeeq

Emergency response: NAF operationalises 8 upgraded fire trucks 
Defence/Security

Emergency response: NAF operationalises 8 upgraded fire trucks 

273 total views today

By Sumaila Ogbaje

The Nigerian Air Force (NAF) on Wednesday in Abuja, unveiled eight fully modernised fire trucks in a decisive step to enhance emergency response capabilities and strengthen community safety.

The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said the eight were the first batch as part of a broader initiative to upgrade 19 units across the service.

Abubakar described the feat as a demonstration of NAF’s commitment to both national defence and humanitarian support.

He said it was a demonstration of NAF’s commitment and operational readiness as a fighting force and a responsible institution devoted to supporting its bases and host communities with quality emergency services.

He said the milestone was in line with the core aim of his command philosophy to reposition the NAF to better defend the nation’s territorial integrity through enhanced air capabilities.

“We have prioritised air operations, focusing on fleet expansion, combat readiness, and operational safety.

“In line with this, around 1,500 personnel have received training in various safety disciplines this year, highlighting our dedication to a safety-conscious force,’’ he said.

The CAS also revealed that a key part of the on-going safety reforms was a comprehensive overhaul of fire safety systems and the development of a centralised monitoring framework.

This, according to him, is intended to improve compliance, enable early risk identification, and support evidence-based decision-making across the service.

“This initiative is another giant stride towards securing not just the skies but also the lives and properties within our bases and surrounding communities.

“It underscores our integrated approach to national service, which combines military excellence with humanitarian responsibility,” he added.

The fire tenders were upgraded through a comprehensive technical overhaul conducted by Messrs Afrodezt Global Services Limited, an indigenous engineering firm.

In his remarks, the Chief Executive Officer of the firm, Emmanuel Oluguo, said the upgrades incorporated higher-capacity components and cutting-edge fire fighting systems designed to extend vehicle lifespan and significantly enhance operational efficiency.

Oluguo said the company handled both mechanical, electrical and overhauling of the pump system from analogue to present modern fire fighting trucks.

He said the fire trucks that were manufactured in 1982 and 1983 were converted and installed with a modern pumping system of 2022 and 2023. (NAN) (www.nannews.ng)

Edited by Yakubu Uba

NSIA posts net returns of N1.88trn in 2024
Business

NSIA posts net returns of N1.88trn in 2024

321 total views today

By Okeoghene Akubuike

The Nigeria Sovereign Investment Authority (NSIA) says it posted a Net return of N1.88 trillion for Financial Year 2024, up from the N1.18 trillion recorded in 2023.

The Managing Director/CEO of NSIA, Aminu Umar-Sadiq, disclosed this while presenting its 2024 Earnings at a Media Engagement on Wednesday in Abuja.

Umar-Sadiq said the NSIA showed strong financial performance in spite of the volatile global economic landscape.

He said the authority was able to achieve this through a dedicated and committed team that adopted four tactical and change strategies in 2024.

“2024 was special because we found a way to enhance a set of 2023 results that were remarkable.

“We went from Net returns of N1.18 trillion in 2023 to N1.885 trillion in 2024. We will continue to wonder how we will top that in 2025 but with the combination of teams.

“On tactical basis, we have done four things right.

“Firstly, is efficient balance sheet optimisation. We continue to be defensive, particularly on our stabilisation and future generation funds.

“Secondly, we focused on sustainable earning on the infrastructure side; thirdly, we focused on pioneering infrastructure investment; and lastly, cost efficiency.”

Umar-Sadiq said in 2024, the authority inaugurated the Ministry of Health Oncology initiative, aimed at building one world-class oncology centre in each zone on behalf of the Federal Government.

He said the NSIA recorded a 150 per cent increase in returns on Core Total Comprehensive Income(TCI) growth in 2024.

“ We had N165 billion in terms of Core TCI in 2003 and we are at N407.9 billion in 2024.

“ This increase of 150 per cent on core basis, when you strip out the impact of foreign exchange gains and derivative valuation gains, you see core basis increased our returns by 150 per cent.

 

“That goes to show the strength of the institution not only on the operational or infrastructure side but more importantly on the financial performance side.“

The managing director said in 2025, the NSIA would drive three key things, which include driving certain NSIA platforms, augmentation of its capital(growing on a Naira and Dollar basis ) and core income growth.

Victor Sesere, Chief Financial Officer, NSIA, said the operating income of the authority grew by 58 per cent on a year-on-year basis, from N1.176 trillion in 2023 to N1.853 trillion in 2024.

Sesere said the operating income growth was driven by strong performance across major income lines, with both market-sensitive and stable revenue lines achieving above single-digit increases.

He said the authority recorded a 59 per cent increase in its Profit After Tax in 2024 on a year-on-year basis from N1.185 trillion in 2023 to N1.886 trillion in 2024.

“Total assets grew by over 90 per cent, primarily driven by increased investment in securities and the revaluation of foreign currency-denominated assets.

“ In spite of the impact of foreign exchange gains on this year’s TCI, NSIA achieved its strongest performance in Core TCI in 2024, underscoring management’s commitment to generating stable, non-volatile earnings.”

Sesere said the total contribution the NSIA had received from the Federal Government cumulatively was 1.8 billion dollars, while it had retained and further reinvested one billion dollars cumulatively into the business.

“So we have actually made an extra one billion dollars, and if you add that together, that gives you what our total net assets is, which is 2.8 billion dollars.”

Mr Kolawole Owodunni, the Executive Director and Chief Investment Officer, said the NSIA had three core funds which included the Stabilisation Fund, Future Generations Fund and the Nigeria Infrastructure Fund(NIF).

Owodunni said that the NIF was anchored on three pillars which are direct investment, co-investment and creation of institutions.

“ For our investment strategy, we look for projects that have nationwide strategic impact, attract foreign and local capital, attract commercial and social returns, and projects that have a conducive legal and regulatory environment.”

Owodunni listed some key projects under the NIF including the MEDSERVE, which aims to establish 23 diagnostic centres, seven catheterisation labs, and three oncology centres across the six geopolitical zones and the FCT.

Ijeoma Taylaur, the Chief Operating Officer, NSIA, said beyond providing financial returns to stakeholders, the authority was focused on driving value and enhancing performance as well as preserving capital.

“We do this through many strategies which include risk management by minimising losses.”

Taylaur said the authority was driving value creation through subsidiaries.

“For over a decade, NSIA successfully built and nurtured a diverse portfolio of subsidiaries across various sectors that contribute meaningfully to the national economy.

“Our approach is rooted in strong governance, robust risk management, and a strong operational focus. These have enabled us to optimize performance while adhering to our long-term strategic objectives.”

She listed some subsidiaries to include Green Guarantee Company, Development Bank of Nigeria, Nigeria Infrastructure Debt Fund, NSIA Prize for Innovation, Presidential Fertilizer Initiative and Nigeria Mortgage Refinance Company.(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

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