Despite daunting economic challenges confronting the global business environment, the Nigeria Sovereign Investment Authority (NSIA) says it’s net assets grew from N1.02 trillion in 2022 to N2.22 trillion in December 2023.
According to its audited results for the 2023 financial year, the NSIA said the growth represents 119% compared to the previous year, noting that it recorded 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3%.
On its core Total Comprehensive Income, excluding foreign exchange gains, the agency added that it rose from ₦21.39 billion naira in the previous year to ₦164.69 billion, marking a 670% increase in gains.
For NSIA’s Total Operating Income, it increased from ₦101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period.
The Authority further revealed that it’s Total Comprehensive Income closed at ₦1.18 trillion for 2023, thereby indicating a growth of 1,122% compared to ₦96.96 billion in 2022.
“NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes,” the financial report stated.
The Authority however attributes the increase to the positive performance of equities and fixed-income portfolios, as well as the positive performance of itsp infrastructure investments.
Reacting to the landmark achievement, the Managing Director and Chief Executive Officer, Mr. Aminu Umar-Sadiq asserted that the excellent results in 2023 and consistent positive performance over a decade offer further proof of its robust strategic asset allocation, proficient execution of its infrastructure initiatives as well as effective risk management processes.
He reaffirmed the agency’s commitment to catalysing positive socio-economic outcomes through critical infrastructure investments; strategic partnerships that expand it’s impact across pivotal sectors; and solutions that not only deliver its mandate but also uphold environmental stewardship.
“Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians,” he said.
