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Nigeriaâs investment authority grows revenue by 343% to N160bn
The Nigeria Sovereign Investment Authority, manager of Nigeriaâs sovereign wealth fund, on Tuesday announced its audited results for 2020 financial year, reflecting a 343 per cent growth in income to N160bn.
It said this was disclosed in its Audited Financial Results for 2020 Financial Year released in Abuja, adding that the growth was far higher than the N36.15bn recorded in the preceding year.
NSIA said it ârecorded 343 per cent growth in total comprehensive income to N160.06bn in 2020 (previous year: N36.15bn)â.
It stated that excluding devaluation gain of N51bn, it made a core income of N109bn compared to N33.07bn in 2019.
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.
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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.