NSIA, Uche Orji
Unlike in advanced nations where some level of inflation is tolerable to stimulate economic activities, Nigeria’s inflationary trend is detrimental to its growth due to structural deficiency, logistic problems, and insecurity among others. Many of the factors that have fuelled Nigeria’s rising inflation are not showing any signs of receding in the short term. Combined with a revenue problem, the need for government to boost local food production spurred the implementation of the Presidential Fertiliser Initiative (PFI). FEMI ADEKOYA writes on progress made thus far.
To conserve foreign exchange, the Central Bank of Nigeria (CBN) placed some products on restriction, while urging many businesses to embrace import substitution.
NSIA, Uche Orji Unlike in advanced nations where some level of inflation is tolerable to stimulate economic activities, Nigeria’s inflationary trend is detrimental to its growth due to structural deficiency, logistic problems, and insecurity among others. Many of the factors that have fuelled Nigeria’s rising inflation are not showing any signs of receding in the short term. Combined with a revenue problem, the need for government to boost local food production spurred the implementation of the Presidential Fertiliser Initiative (PFI). FEMI ADEKOYA writes on progress made thus far. To conserve foreign exchange, the Central Bank of Nigeria (CBN) placed some products on restriction, while urging many businesses to embrace import substitution.
Uche Orji, CEO, Nigeria Sovereign Investment Authority (NSIA) The Nigeria Sovereign Investment Authority (NSIA), yesterday, hinted that its net assets grew by N193.21billion in 2020, representing a 33 per cent increase over the N579.54 billion recorded in 2019. In its 2020 audited financial statement, the investment institution said it grew income from N36.15 billion in 2019 to N160.06 billion in 2020. NSIA attributed the performance to its investments in international capital markets, improved contributions from subsidiaries/affiliates and exchange gain from foreign currency positions. According to the financial report, NSIA recorded N109 billion as core income compared to N33.07 billion recorded in 2019, excluding devaluation gain of N51 billion.
The Nigeria Sovereign Investment Authority, NSIA, has recorded a total comprehensive income of N160.06 billion, representing about 343 per cent growth in 2020 year, compared to the previous year’s N36.15 billion. The Managing Director, Mr. Uche Orji, disclosed this at a virtual press briefing yesterday.
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