Nigeria’s Investment Authority Revenue Hit 343%

 Nigeria’s Investment Authority Revenue Hit 343%

The Nigeria Sovereign Investment Authority, manager of Nigeria’s sovereign wealth fund, announced its audited results for 2020 financial year, reflecting a 343 percent growth in income to N160bn.

It said this was disclosed in its Audited Financial Results for 2020 Financial Year released, adding that the growth was far higher than the N36.15bn recorded in 2019.

NSIA said it ‘recorded 343 percent growth in total comprehensive income to N160.06bn in 2020 (previous year: N36.15bn)’.

It also stated that excluding the devaluation gain of N51bn, it made a core income of N109bn compared to N33.07bn in 2019.

“Despite the challenges of COVID-19, NSIA had a strong year owing to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions”, the authority said.

Breakdown Analysis

The agency said it achieved 33 percent growth in net assets to N772.75bn against the N579.54bn recorded in the previous year.

The authority received an additional contribution of $250m and provided first stabilisation support to the Federal Government of $150m withdrawn from the Stabilisation  Fund. 

“We received $311m from funds recovered from late General Abacha from the US Department of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund projects of Abuja-Kaduna-Kano Highway, Lagos-Ibadan Expressway and Second Niger Bridge,” the agency stated.

It, however, stated that COVID-19 adversely affected logistics around infrastructure projects especially the toll road projects and the presidential fertiliser initiative.

“In response to COVID-19, NSIA partnered Global Citizen, a not-for-profit group, to form the Nigeria Solidarity Support Fund.

“Separately, NSIA acquired and distributed oxygen concentrators to the 21 teaching hospitals as part of corporate social responsibility, in addition to staffing support to the Presidential Task Force on COVID-19.”

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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