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BUSINESS & ECONOMYCOVERNEWS

NSIA Income Rose To N26.35 Bn In 2015

Nigerian Sovereign Investment Authority (NSIA), the agency managing the Sovereign Wealth Fund recorded 26.35 billion naira as income in 2015, it rose by N10.58 billion from N15.77 billion in 2014, the Managing Director, Mr. Uche Orji disclosed this in Abuja.

Orji said, the SWF total assets went up by 20 percent to N213.67 billion during the fiscal as against N177.83 billion in 2014, while investment income grew by 47 per cent from N3.94bn the previous year to N5.82 billion last year.

He described 2015 as a very challenging year for the fund as the operating environment was characterized by high volatility and global market uncertainties.

For instance, he said currency turmoil, dwindling oil prices and decelerating growth across markets created a difficult investment environment for the NSIA.

However, despite all these challenges, Orji said the fund continued to show resilience due to the fact that the management team had in the past taken steps to invest in various private equity investment funds.

Nigeria Sovereign Investment Authority manages of the nation’s Sovereign Wealth Fund which was established as independent agency by an Act of the National Assembly in May 2011 and was signed to law by the then President, Dr. Goodluck Ebele Jonathan same month and subsequently gazette on June 3 of the year.

Statutorily, it was set up to receive, manage and invest in a diversified portfolio of medium and long term, revenue of the Federal government, State government, Federal Capital Territory, Local government and Area Councils to prepare for the eventual depletion of Nigeria’s hydrocarbon resources for the development of critical infrastructure in Nigeria that would attract and support foreign investment, economic diversification, growth and job creation.

Since its creation, the young authority has quickly made progress and registered itself in the consciousness of the SWF global community.

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