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Nigeria Sovereign Investment Authority reports growth in total comprehensive income to N160.06 billion in 2020 financial year

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Uche Orji, Nigeria-Sovereign-Investment-Authority CEO

TUE 11   MAY, 2021-theGBJournal-The Nigeria Sovereign Investment Authority (NSIA) manager of Nigeria’s sovereign wealth fund, today published its audited results for 2020 financial year, reflecting a strong financial performance and consistent implementation of strategic infrastructure investment programmes for the year.

The Authority recorded 343% growth in Total Comprehensive Income to N160.06 billion in 2020 (previous year: N36.15 billion), despite the challenges of Covid-19. It also grew Net assets by 33% to N772.75 billion (previous year: N579.54 billion). Excluding devaluation gain of N51billion, it recorded core income of N109billion compared to N33.07 billion in 2019.

During the financial year, the authority received additional contribution of US$250 million, and provided first stabilization support to the FGN of US$150 million withdrawn from Stabilisation Fund.

It also reported receiving US$311 million from funds recovered from late General Abacha from the US Dept of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and Second Niger Bridge.

 NSIA attributed the strong year to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.

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