The Sovereign Wealth Fund has earned a profit of N1.2 billion over the first quarter of 2014, a big increase from the N525 million it made over the fifteen month period eneded December 2013.
This disclosure was made by the CEO of Nigeria Sovereign Investment Authority, Mr. Uche Orji.
He explained that the SWF is broken into three components, namely, the Stabilisation Fund, Future Generations Fund and Infrastructure Fund.
The N1.2 billion profit was made on the investment of half of the $400 million earmarked for the Future Generations Fund.
Orji said, “We are encouraged that the financial performance as of Q1 2014 improved within the bounds of our expectations with an audited net profit for the period standing at a robust N1.2bn.
“While it is humanly impossible to correctly predict the future, I am nonetheless confident that the NSIA is on the path to deliver a more robust performance by the end of 2014, ceteris paribus. We are on track to deliver similar or higher numbers as seen in Q1 in the second quarter. We will be in a better position to give you the specifics at the end of July.”