Second Niger BridgeThe devastating impact of the COVID-19 pestilence on the global economy is obvious. Reason finance experts rightly predicted that many corporations’ finances in 2020 would be in red. The International Monetary Fund did predict that the global economy would contract by three percent as countries around the world shrink at the fastest pace in decades.
The IMF described the global decline as the worst since the Great Depression of the 1930s. x
It said the pandemic had plunged the world into a “crisis like no other”.
The Fund added that a prolonged outbreak would test the ability of governments and central banks to control the crisis.
Nigerian wealth funds record 33.3% asset growth in 2020
Bloomberg
Nigeria Sovereign Investment Authority, Abuja, recorded strong performance in 2020 despite the COVID-19 pandemic, with assets up 33.3%.
The NSIA oversees three individual sovereign wealth funds: the Future Generations Fund, the Nigeria Infrastructure Fund and the Stabilization Fund.
Total assets in the three funds grew 33.3% to 772.8 billion Nigerian naira ($2 billion), while total comprehensive income was 160.1 billion naira, up from 36.2 billion naira in 2019, an update said. The asset allocation strategy for NSIA is 50% in the Nigeria Infrastructure Fund, 30% in the Future Generations Fund and 20% in the Stabilization Fund, a spokesman said.
The growth was achieved despite a $150 million withdrawal from the Stabilization Fund by the Federal Government of Nigeria. The fund performed well, despite low interest rates, the update said. Details on performance were not disclosed.
FG s investment authority grows revenue by 343% to N160bn punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
Against the backdrop of a directive by President Muhammadu Buhari to undertake an overhaul of the Presidential Fertiliser Initiative, the Nigerian Sovereign Investment Authority saddled with the task, taking up the gauntlet, has recently gone to work, writes Emmanuel Addeh
It is said that the Nigerian fertiliser industry has a blending capacity of four million tons of Nitrogen, Phosphorus and Potassium (NPK) annually and two million tons of production capacity for urea, with the capacity to employ over 250,000 people in both direct and indirect jobs across the country.
However, before the implementation of the Presidential Fertiliser Initiative (PFI), only 10 per cent of the production capacities of the blending plants in operation across the country were being utilised.
The net assets of the Nigeria Sovereign Investment Authority (NSIA) have risen to N772.75 billion, an increase of 33 percent in 2020. The Authority’s assets increased by N193.21bn in 2020 higher than the N579.54bn recorded in 2019 despite the COVID-19 pandemic, it said in a statement on Tuesday. We won’t allow people denigrate Buhari […]