This is contained in a statement issued after the Institute’s 59th Annual General Meeting (AGM) and made available to newsmen on Tuesday in Lagos.

The statement was signed by Mrs Patience Anabor, President and Chairman of Council of the institute.

Anabor revealed that the net surplus resulted from total revenue of N516.7 million, with foreign exchange gain of N893,412 and expenditure of N458.1 million for the year ended Dec.31, 2019.

“We recorded a lot of achievements in view of the objectives and targets we set for ourselves and the prevailing situation in the country during the period under review.

“Amidst the pros and cons of the institute’s external and internal environments, a net surplus of N59.4 million was generated.

“Cost control measures were also strengthened during the year without compromising service delivery to all our stakeholders,’’ the statement read in part.

According to Anabor, the institute created Reserve Fund Account during the year to replace Investment Fund hitherto in place.

She added that the account was funded accordingly.

“The institute’s esteemed individual and corporate members had a tremendous input in this achievement due to their patronage and publicity of the institute’s products/programmes.

“There will be continuous improvements as the flag of the Institute continues to fly,’’ she said.

On the nation’s business environment, she stated that the Nigerian economy, for the period under review, recorded a relative stable exchange rate.

This, she observed, was as a result of the sustained access to foreign exchange by the continued operation of the Central Bank of Nigeria (CBN) investors and exporters window.

“At the new dawn of 2019, the real growth rate of Nigeria’s economy was at 1.93 per cent, which grew by 0.37 per cent and stood at 2.327 per cent as at end of 2019.

“It is obvious that this is marginally higher than 1.9 per cent of 2018.

“The performance of the domestic economy was driven by relatively high crude oil prices in the international commodities market.

“The growth was mainly in Transport, Information and Communications Technology (ICT) as well as improvement in the oil sector.

“However, the US – China trade war fuelled a global economy slowdown, which triggered bearish sentiment in global oil demand.

“Government’s revenues continued to decline, leading to a larger budget deficit.

“Consequently, increased public spending was financed mainly by borrowing while the fiscal revenue was below GDP by seven per cent.’’

However, she stated that there was relative exchange rate stability during the year under review as a result of the sustained access to foreign exchange brought about by the continued operation of the CBN Investors and Exporters window.

“Inflation rate stood at 11.4 per cent, which was a bit favourable as against 12.1 per cent in 2018.

“The improvement in transport, information and communication technology (ICT) and oil sector drove the inflation downwards,’’ she added.

Anabor stated that in spite of the attraction of investors to improved rice production to drive the economy, Nigeria’s socio-political and economic environment remained increasingly challenging.

According to her, businesses in the country continued to be impacted by high interest rates while it battles with the rising unemployment rate, corruption and insecurity.

The NIM president also revealed that 4,090 new members joined the institute in 2019. (NAN)