Nigeria Sovereign Investment Authority (NSIA) has announced a 343 percent growth in Total Comprehensive Income to N160.06 billion in 2020 as against N36.15 billion the previous year.
NSIA managing director, Uche Orji said on Tuesday that the Authority’s investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions drove such strong performance despite the challenges of Covid-19 last year.
Excluding devaluation gain of N51billion, the NSIA reported core income of N109 billion compared to N33.07 billion in 2019.
This is the 8th year of straight profit by the NSIA which manages Nigeria’s well over $1.6bn Sovereign Wealth Fund.
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It equally achieved a 51 percent growth in Total Assets to N981.78 billion from N649.85 billion in 2019.
“All financial numbers were very strong for us. And this is because our investment strategies, especially in the capital market paid off for us in 2020 and we were able to generate remarkable income from all core investment activities,” Orji announced at a virtual press conference Tuesday morning.
Even though 2020 showed impressive results for NSIA, Orji, however, is of the view that this is not a pointer to a bullish 2021, however, the “fund is positioned well,” he insists.
Details later…
