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.

"Despite the challenges of COVID-19, NSIA had a strong year owing to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions," Mr Orji said.

Net assets rose by a third from N579.54 billion to N772.75 billion.

The organisation got a further contribution of $250 million and provided first stabilisation support of $150 million from the Stabilisation Fund to the Nigerian Government.

It received $311 million from the funds recovered from the late head of state, General Sani Abacha, from the United States Department of Justice and Island of Jersey. The funds went to the Second Niger Bridge and the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway, the NSIA boss said.

"NSIA has invested in various private equity and venture capital investment funds to tap into the high-growth sectors. NSIA expects that the outlook for 2021 would be positive, however, we expect bouts of volatility as global markets adjust and recover from the impact of the pandemic", Orji said.

NSIA is developing 10 megawatts solar plant in Kano, which is expected to be delivered next year, according to the NSIA head. The project is estimated at $15 million.

The authority manufactured 12 million 50 kilogram bags of NPK 20:10:10 under the Presidential Fertiliser Initiative last year, taking the total production since inception to more than 30 million 50kg bags equivalent. The participating blending plants increased from 7 to 44 during the year.

NSIA also completed the construction of 3000-hectare Panda Agric Farm in Nasarawa State, marking the first project of the UFF-NSIA synergy.

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