Nigeria sovereign investment closes year with N27.93bn income

The Nigeria Sovereign Investment Authority (NSIA) has declared an income of 27.93bn for the financial year ended 31st December 2017.

Presenting the financial statement to newsmen in Abuja, the Managing Director and CEO, Uche Orji, said that the total income dwindled from N149.83 billion in 2016 to 27.93 billion in 2017 due to volatility of the investment market as well as the effects of foreign exchange.

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“The decline of the Net foreign exchange gains which accounted for reduced income recorded in 2017 was as a result of government’s policies in stabilizing naira which was weakened in value from N196 per dollar to N305 per dollar” he said.

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Nigeria sovereign investment closes year with N27.93bn income
Nigeria sovereign investment closes year with N27.93bn income

Orji added that other contributory factors to the low 2017 performance included the lag in reinvestment of matured funds while awaiting the inauguration of new board of the Authority as well as rapid deployment of funds for infrastructure projects in the year that led to higher group operating expenses.

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“We are commitment investment development in critical sectors of the economy like agriculture, health roads, but most especially the focus is infrastructure as the Presidential Infrastructure Development Fund (PIDF) is expected to drive 2018 infrastructure investment strategy as $650 million has been voted by National Economic Council to complete selected national road and power infrastructure projects,” he added.

(Daily Trust)

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