(Bloomberg) The Nigeria Sovereign Investment Authority reported a sharp drop in profit for 2022 compared with a year earlier, citing macroeconomic conditions in developed and emerging markets as well as in the local economy.
The wealth fund's profits declined 33% to 102.4 billion naira ($222.2 million) in 2022, while total income dropped by 28% to 111.4 billion naira, it said in statement on its website. Net assets grew by 10.5% to one trillion naira, it said.
“The 2022 fiscal year was marked by unprecedented shocks, such as the Covid-19 lockdown in China, the Russia-Ukraine conflict, food and energy crises, supply-chain disruptions, soaring inflation, and monetary policy tightening, which precipitously impacted the global financial markets,” said NSIA, one of Africa's biggest sovereign wealth funds.
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NSIA said it ended the 2022 financial year “with a respectable performance” as measured against market expectations and its own internal forecast.
In the present year, the fund intends to “continue to explore opportunities to mitigate risks and drive financial performance,” it said.
Founded in 2011, NSIA receives, manages and invests Nigeria's income in excess of budgeted crude oil revenue, accounting for about 80% of the country's foreign-exchange receipts. The funds under management was 1.2 trillion naira as of 2021.
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