The Nigeria Sovereign Investment Authority reported a sharp drop in profit for 2022 compared with a year earlier, citing macroeconomic conditions in developed and emerging markets as well as in the local economy. 

The wealth fund’s profits declined 33% to 102.4 billion naira ($222.2 million) in 2022, while total income dropped by 28% to 111.4 billion naira, it said in statement on its website. Net assets grew by 10.5% to one trillion naira, it said.