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NSIA records N10.58bn growth in income

By on April 5, 2016

The Nigerian Sovereign Investment Authority, the agency managing the Sovereign Wealth Fund, said it recorded an increase of N10.58bn in total comprehensive income from N15.77bn in 2014 to N26.35bn in 2015.

The Managing Director, NSIA, Mr. Uche Orji, stated this in Abuja while briefing journalists on the financial performance and investment activities of the agency in the 2015 fiscal period.

He said the SWF also recorded an increase of 20 per cent in its total assets from N177.83bn in 2014 to N213.67bn in 2015, while investment income grew by 47 per cent from N3.94bn a year earlier to N5.82bn last year.

The NSIA boss described 2015 as a very challenging year for the fund as the operating environment was characterised 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.

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.

 

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