Nigeria says sovereign fund made $366 million profit in 2021

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.


Reuters | Lagos | Updated: 19-08-2022 12:55 IST | Created: 19-08-2022 12:49 IST
Nigeria says sovereign fund made $366 million profit in 2021
Laolu Akande Image Credit: Wikipedia
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Nigeria's sovereign wealth fund recorded after-tax profit of 153.8 billion nairas ($366 million) in 2021, down 1.9% from the previous year, the vice president's spokesman said. Laolu Akande said in a statement on Thursday that the head of the 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)

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