The Nigeria Sovereign Investment Authority says its total comprehensive income rose by 343 per cent to N160.06bn in 2020, from N36.15bn in 2019.
The NSIA’s Managing Director, Mr Uche Orji, stated this on Tuesday at the presentation of ‘NSIA’s 2020 Audited Financial Statements and Performance Review’.
The growth was attributed to a strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange gain from foreign currency positions.
Orji also said the sovereign wealth fund’s net assets grew by 33 per cent to N772.75bn in 2020, as against N579.54bn recorded in 2019.
“The 2020 fiscal year was characterised by high volatility and global market uncertainty on account of COVID-19 in the first half. However, the authority’s strategic investments generated respectable returns in spite of the impact of COVID-19,” he said.
Orji said that the NSIA, in the year under review, received an additional contribution of $250m dollars and provided first stabilisation support of $150m from the stabilisation fund to the federal government.
The MD said the fund received $311m from funds recovered from late General Sani Abacha from the United States Department of Justice and Island of Jersey.
He added, however, that the NSIA expects outlook for 2021 to be positive, “It is more likely that a broader market recovery will occur with economies opening, unlike the case in 2020 in which technology stocks drove market performance.”
