Nigeria’s SWF rises by over 2,000%, secures $305m FDIs

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The Nigeria Sovereign Investment Authority (NSIA) said on Wednesday that income generated from its various investments significantly grew from N5.8 billion in 2015 to about N142 billion (about 2,348.3 per cent) as at September 2016, Premium Times reports.

The Managing Director of the agency, Uche Orji, who presented a review of the agency’s 2016 performance and the outlook on projects for 2017, said apart from about N57 billion realised during the year as income from investments, additional N95 billion came from exchange rate valuation gains, as most of the income were in foreign currencies.

He also said the agency had deployed 40% of the fund dedicated to infrastructure development for the provision of facilities in key sectors of the economy, including agriculture, healthcare, waterways, autoroads, power and real estate. According to The Sun, he also added that the Federal Government has secured firm commitments in fresh Foreign Direct Investments (FDIs) worth about $305 million to the fund.