Nigeria says sovereign fund made $366 million profit in 2021


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 Staff
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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