Nigeria Sovereign Wealth Authority reports 343% revenue jump
The organisation provided first stabilisation support of $150 million from the Stabilisation Fund to the Nigerian Government.
The
Nigerian Sovereign Investment Authority (NSIA) said it posted N160.06 billion for 2020, translating to an increase of 343 per cent, largely driven by a significant rise in foreign exchange gains as well as investments in international capital markets.
Managing Director Uche Orji told a virtual conference on Tuesday that the last financial year was marked by impressive results, following the execution of strategic infrastructure investment schemes.
Core income leapt to N109 billion, up from the N33.07 billion recorded in the previous year, while foreign exchange gains stood at N51 billion.
Obinna Chima in Lagos and Emmanuel Addeh in Abuja
The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeriaâs Sovereign Wealth Fund (SWF), yesterday announced its audited results for its 2020 financial year, reflecting a strong financial performance and consistent implementation of strategic infrastructure investment programmes for the year.
The results showed that despite the challenges posed by the COVID-19 pandemic in the year under review, the NSIA recorded 343 per cent growth in its total income, which rose to N160.06 billion in 2020, up from the N36.15 billion in the previous year.
Also, excluding devaluation gain of N51 billion, the NSIA made a core income of N109 billion compared to N33.07 billion in 2019.
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.
Orji attributed the growth, in spite of the challenges of COVID-19, to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions. He added that the authority achieved 33 per cent growth in Net Assets amounting to N772.75 billion as against N579.54 billion in the previous year. He also said that the NSIA received additional contribution of 250 million dollars and provided first stabilisation support of 150 million dollars from the Stabilisation Fund to the Federal Government. According to him, the authority also received 311 million dollars from funds recovered from late General Sani Abacha from the US Department of Justice and Island of Jersey.
The Nigeria Sovereign Investment Authority (NSIA) says that it recorded a total of N160.06 billion in comprehensive income in 2020, representing a 343% growth compared to N36.15 billion recorded in 2019.
The growth was attributed to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange rate gain from foreign currency positions despite challenges of the coronavirus pandemic.
This disclosure was made by the Managing Director of NSIA, Mr Uche Orji, at a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review on Tuesday in Abuja.
Orji said that the authority achieved 33% growth in Net Assets amounting to N772.75 billion as against N579.54 billion in the previous year.