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Nigeria SWF profits surge 106 percent to N46bn in 2018

The  investment institution of the Federation set up to manage Nigeria’s sovereign wealth fund, has reported a 106 percent increase in its profit for 2018 full year.

The growth in profit from N22.56 billion in 2017 to N46.5 billion in 2018 was largely driven by significant improvements in its other income and net forex gains.

For 2018, total income of the fund manager ballooned 89 percent to N57.74 billion as against N30.62 billion recorded in 2017 on the back of the investment institution’s ability to improve earnings from core and non-core activities.

Interest income grew by 9 percent to N23.82 billion, compared to N21.77 billion in the corresponding period of 2017 while investment income rose 23 percent to N3.21 billion from N2.6 billion in the previous period.

A turnaround to post N797 million from income on financial assets at fair value through profit or loss (FVTPL) was a catalyst for improved performance of the fund in 2018 as in the preceding year there was no income from that source.

Net gains on financial assets, however, declined by 94 percent to N246 million but the weakened earnings was compensated for by a 993 percent rise in net forex gains, from N1.65 billion in 2017 to N18.05 billion in 2018, and a spike in other income from N7.96 million in 2017 to N11.45 billion in 2018, more than 100,000 percent increase year-on-year.

On the other hand, NSIA noted a 44 percent increase in its Investment management and custodian fees from N709 million in 2017 to N1 billion in 2018. In 2018, impairment charges on financial assets rose to N944 million compared to no impairment charges in the preceding year.
Operating and administrative expenses eased by 20 percent, from N4.72 billion in 2017 to N3.76 billion in 2018 while interest expense rose to N2.62 billion as against N85 million recorded in the earlier year. Loss from infrastructure subsidiaries investment also saw an increment as it hit N3 billion in 2018 from N2 billion in 2017.


Despite the increase in expenses, NSIA was able to sustain its performance and announced a 101 percent surge in its profit before tax which grew N22.96 billion to N46.19 billion year on year.

Tax expense reduced by 45 percent to N219.46 million and profit for the year hit N46.5 billion, 106 percent more than NSIA noted for 2017.

A look at the Investment Authority’s balance sheet shows total asset grew by 15.7 percent to N617.7 billion in 2018, compared to N533.82 billion in 2017.

NSIA improved equity by 8.45 percent to N543 billion while retained earnings rose by 50 percent to N257 billion, although Total liabilities jumped significantly to N74 billion in the period.

Current share ownership structure is Federal Government 45.83 percent, States Government 36.25 percent, Local Government 17.76 percent and Federal Capital Territory 0.16 percent.
The Nigeria Sovereign Investment Authority is an agency of the Federation tasked with the management of funds in excess of budgeted hydrocarbon revenue.

NSIA derives its mandate from the NSIA Act which was signed into law in May 2011 and empowers the Authority to receive, manage and invest funds in a diversified portfolio of medium and long term assets on behalf of the three tiers of Government including the Federal Capital Territory, and Local Governments Area Councils.

The essence is to provide a buffer for the eventual depletion of Nigeria’s hydrocarbon resources.
The NSIA established three main funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund to achieve it’s mandate. The Authority commenced operations in 2012.

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