Amid Fresh NUPRC $45.6m Capital Injection, Nigeria’s Sovereign Wealth Fund Hits N2.258tr

Nigeria’s sovereign wealth fund has increased by 119 per cent in 2023 to N2.258trn from N1.032trn recorded in 2022.

This is even as the Fund which is being managed by the Nigeria Sovereign Investment Authority (NSIA), received $45.59m as fresh capital from the Nigerian Upstream Petroleum Regulatory Commission (NURPC).

This development was announced by the Chief Executive Officer, NSIA, Aminu Umar-Sadiq who presented the NSIA 2023 earnings to journalists in Abuja recently.

The fresh fund injection, he explained, was in line with the provisions of the Petroleum Industry Act (PIA).

The fund which was set up in 2013 with a seed capital of $1bn, is made up of the Stabilization Fund, Future Generation Fund, and the Nigeria Infrastructure Fund.

READ ALSO: NUPRC Poised To End Gas Flaring By 2030, Zero Carbon Emission By 2060

Umar-Sadiq explained that in addition to its funds, the NSIA manages other third-party funds, including the Presidential Infrastructure Development Fund, Debt Management Office, FGN Stabilization Fund, Nigerian Electricity Supply Industry and Presidential Fertiliser Initiative with N34.1bn net assets.

Giving details of NSIA financial performance in 2023, the Chief Financial Officer, Olubisi Makoju disclosed that its operating income grew by 1,064 percent in 2023 to N1.17 trillion from N101.1 billion in 2022.

Also, operating profits grew by 1, 094 percent to N1.176 trillion from N98 billion in 2022. This brought total comprehensive income for the year 2023 to N1.184 trillion compared to N96.9 billion recorded in 2022.