NSIA Enjoys 12 Unbroken Years Of Profitability As Assets Hit N4.35Trn Mark
BY COBHAM NSA – The Nigeria Sovereign Investment Authority (NSIA) is basking in the euphoria of 12 unbroken years of profitability with the announcement of its 2024 audited financial results.
This is as the Authority nearly doubled its Net Assets which grew by 96 percent to ₦4.35 trillion as of December 2024, as against the sum of ₦2.22 trillion recorded in December 2023.
According to its Audited Financial Statements released on Monday, the NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of ₦3.74 trillion as of 2024 ending.
Importantly, the results underscore the resilience of NSIA’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Also, the Authority’s total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, grew from ₦1.17 trillion in 2023 to ₦1.86 trillion in 2024, a development driven by the strong performance of its diversified investment portfolio, infrastructure assets, gains from foreign exchange movements and derivative valuations.
Similarly, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached ₦1.89 trillion in 2024, reflecting a 59 per cent growth from the ₦1.18 trillion figure recorded in 2023.
For the Core TCI (excluding foreign exchange and derivative valuation gains), the figure rose by 148 per cent to ₦407.9 billion in 2024 compared to the 2023 figure of ₦164.7 billion. This was supported by robust returns on financial assets measured at fair value through profit and loss, including collateralized securities, private equity, hedge funds, and Exchange -Traded Funds (ETFs).
Speaking on the Authority’s impressive performance during the period under review, the Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq said the outstanding results reflect the strength of its strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.
He said; “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders.
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”
On its governance structure, a new Board, with Mr. Olusegun Ogunsanya as Chairman, was appointed by the President in accordance with the provisions of the NSIA Act in the 2024 financial year. The Board is tasked with providing strategic direction and oversight in addition to playing a pivotal role in critical decision making.
A statement by Joyce Onyegbula, Head, Corporate Communications of NSIA, explained that under the guidance of the Board, the Authority is expected to retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
The statement further stressed that NSIA remains committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth, adding; “In adherence to its Establishment Act, NSIA said it prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties.”
Assuredly, the Authority said its focus remains on transparent management of Nigeria’s Sovereign Wealth Fund and delivering the mandates as enshrined in the NSIA Act.
More so, “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 large-scale infrastructure projects, and enhancing the desired social outcomes in Nigeria”.
As an investment institution of the Federation established to manage funds in excess of budgeted hydrocarbon revenues, the NSIA is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilisation support in times of economic stress.
To drive its effective service delivery, the Authority currently operates three mandate funds namely: The Stabilisation Fund; the Future Generations Fund; and the Nigeria Infrastructure Fund.
