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Nigeria’s $2.3 billion (N3.55 trillion) sovereign wealth fund returned 1,764%, or $790 million, in the first quarter (Q1) of 2024 due largely to foreign currency gains as the naira continued its weakness in the period.
Profit for the period rose to N1.185 trillion in Q1, 2024 from N63.58 billion in the earlier 2023 period.
The fund managed by the Nigeria Sovereign Investment Authority or NSIA, reported N439 billion in unrealized gain in currency swap, N99.355 billion in realized gain on currency swap and a further N550.57 billion in net foreign exchange gain.
Total assets of the NSIA in Q1 2024, jumped to N3.552 trillion from N2.258 trillion in December 2023, led by investment securities of N2.9 trillion.
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 sovereign wealth fund returned 1,764%, or $790 million, in the first quarter (Q1) of 2024){kind=link}