The Nigeria Sovereign Investment Authority (NSIA), which manages the nations Sovereign Wealth Fund (SWF) has just reported Full Year 2019 numbers showing a 27 percent slide in profits, due to higher Operating expenses and lower Foreign exchange (FX) gains, compared to a year ago.
Net income or profit for the year stood at N34.4 billion in 2019, compared to N46.5 billion the previous year.
Operating and administrative expenses jumped by 15 percent to N4.26 billion in 2019 from N3.76 billion in 2018.
It is unclear what led to this jump in OPEX as it was not explained in the release.
The NSIA which booked N18 billion in net foreign exchange gains for 2018, saw that number fall to N1.28 billion for 2019 as the Naira was fairly stable against the greenback for the period.
Interest expense rose by 74 percent in the period to N4.54 billion from N2.51 billion, which hurt the bottom-line.
MoneyCentral will be doing a more comprehensive analysis on the results on Monday, trying to answer the question if the Nigeria SWF is optimally managing the resources available to it.