The Nigeria Sovereign Investment Authority (NSIA) on Thursday announced its audited results for the 2023 financial year, which reflected a huge surge in its net assets’ value to N2.22 trillion from the N1.02 trillion it recorded in 2022 financial year, representing 119% increase year-on-year.
The financial performance, which reflected improvements in its performance across all assessment indices, underscores the resilience of the NSIA’s investment strategy and the quality of its earnings, despite the challenging global macro-economic and geo-political landscape.
According to a statement issued by the management on the financial statements in the year under review, the figures showed that the 2023 performance representing the 11 consecutive years of continuous positive earnings with a cumulative annual growth rate of 117.3%.
An analysis of the financial report indicated that NSIA’s Total Operating Income, inclusive of foreign exchange gains, increased from N101.1 billion in the previous year to N1.18 trillion during the period.
The management attributed the growth to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.
The authority’s Total Comprehensive Income closed at N1.18 trillion for 2023, a growth of 1,122% relative to N96.96 billion in 2022.
Similarly, its core Total Comprehensive Income (excluding foreign exchange gains) rose from N21.39 billion in the previous year to N164.69 billion, representing a 670% increase due to strategic asset allocation and adherence to best-in-class enterprise risk management processes.
Commenting on the financial report, the authority’s Managing Director/CEO, Mr. Aminu Umar-Sadiq, enthused: “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.
“We remain firmly committed to catalysing 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.
“Looking ahead, we re-affirm our focus on creating shared prosperity for current and future generations of Nigerians”, Umar-Sadiq added.
Despite the whirlwinds that characterized the global financial landscape in 2023, NSIA Group’s net earnings, including N1.02 trillion foreign exchange gains, amounted to N1.18 trillion at the close of 2023, representing a 1,122% growth when compared to the N96.96 billion recorded in 2022.
