NSIA Enjoys 119% Growth As Net Assets Hits N2.22trn Mark
BY COBHAM NSA – Amid the torrid economic environment that many businesses are battling, the Nigeria Sovereign Investment Authority (NSIA) says its net assets grew to ₦2.22 trillion as of December 2023.
The figure represents a massive 119 percent increase from the sum of ₦1.02 trillion the Authority posted at the end of December 2022.
According to available statistics, this is the 11 consecutive years of continuous positive earnings recorded by the NSIA with a cumulative annual growth rate of about 117.3 percent.
This is as the Authority also said its total comprehensive income closed at ₦1.18 trillion for 2023, indicating a growth of 1,122 percent compared to the ₦96.96 billion recorded in 2022.
This cheering news came from the Authority’s audited financial results for the year 2023 released in Abuja, with the management stating that the impressive performance underscores NSIA’s resilience in its investment strategy and the quality of earnings.
The Authority said despite the challenging global macro-economic, and geo-political landscape, its total operating income increased from ₦101.1 billion in the previous year to ₦1.18 trillion, stressing that the amount is inclusive of foreign exchange gains during the period under review.
Attributing this significant rise to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of its infrastructure investments, NSIA also said core total comprehensive income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion.
It explained that the amount represents a 670 percent increase arising from the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes.
Reacting to the development, the NSIA’s Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq said; “Our excellent results in 2023 and consistent positive performance over a decade offer further proof of our robust strategic asset allocation, proficient execution of our infrastructure initiatives as well as effective risk management processes.”
He further said; “We remain firmly committed to catalyzing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand our impact across pivotal sectors; and solutions that not only deliver our mandate but simultaneously uphold environmental stewardship”
On its future commitment, Umar-Sadiq said; “Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians”, adding that the Authority remains focused on managing Nigeria’s sovereign wealth fund and delivering the mandates enshrined in the NSIA Act.
“The NSIA is poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and infrastructure projects, and enhancing the desired social outcomes in Nigeria”, he posited
