Nigeria’s sovereign wealth fund (SWF) under performed global peers in 2021 as its total comprehensive income fell by 8% to N146.9 billion, despite it being a year of rally in global equities, leading to outperformance by other SWFs.
Total comprehensive income for the Nigeria Sovereign Investment Authority or NSIA which manages Nigeria’s SWF was affected by a slide in interest income, gains on financial assets and net foreign exchange gains, compared to the year ago period, data seen by MoneyCentral shows.
An increase in costs such as investment management and custodian fees as well as depreciation and amortization costs also affected the bottom-line.
By comparison, Norway’s SWF returned 14.5% in 2021, driven by positive equity and real estate returns, Norges Bank said in March.
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Equities led the performance for Norway’s SWF, returning 20.8% in 2021, following by real estate at 13.6%, while renewable energy infrastructure investments returned 4.2%.
Abu Dhabi state investor Mubadala on its part posted a record income of 122 billion dirhams ($33 billion) in 2021, citing strong investment returns, the monetisation of some assets and new partnerships.
“2021 was Mubadala’s strongest financial year in its 20-year history,” Group CEO Khaldoon Khalifa al-Mubarak said in a statement.
The 2021 result for total comprehensive income was up 69.4% on the 72 billion dirhams achieved in 2020.
The NSIA’s total assets under management rose to 1.227 trillion naira, from 981.7 billion naira in 2020, it said.