NSIA’s Net Asset hits N4.35 trn in 2024
The Nigeria Sovereign Investment Authority (NSIA), Wednesday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.
The authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.74 trillion in 2024.
Managing Director and Chief Executive officer of NSIA, Mr Aminu Umar- Sadiq made the revelations in a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.
According to him, the results underscored the resilience of the authority’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.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).
He said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement”.
“By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders”, he said.
“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.”
He reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.
He said NSIA remained 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.
He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.
He added that in the year under review, a new board, led by Mr. Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.
The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.
He remarked that under the guidance of the board, the authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and Its mission is to play a pivotal 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 the county’s infrastructure, and providing stabilisation support in times of economic misadventure.
