Nigeria says sovereign fund made $366 million profit in 2021

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LAGOS, Aug 18 – Nigeria’s sovereign wealth fund recorded after tax profit of 153.8 billion naira ($366 million) in 2021, down 1.9% from the previous year, the vice president’s spokesman said.

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Laolu Akande said in a statement on Thursday that the head of Nigerian Sovereign Investment Authority (NSIA) had made a presentation of its operations to the National Economic Council showing the fund made a profit for the ninth straight year.

NSIA was launched in 2013 saying it would invest in infrastructure as well as building up a savings pot for future generations and another to protect the oil-dependent economy against commodity price shocks.

($1 = 419.83 naira)

(Reporting by Felix Onuah, Editing by MacDonald Dzirutwe and Edmund Blair)

Editorial Staff
Editorial Staffhttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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